Spotlight on Bond Bills passed in the 88th legislative session:
SB 2035 (Bettencourt) Relating to the issuance of certain anticipation notes and certificates of obligation
- Would extend the length of time from the current three years to five years that a taxing entity is prohibited from using certificates of obligation (COs) to fund a voter-rejected project
- The bill also prohibits the issuance of tax anticipation notes (TANs) for five years if the voters reject a bond proposal
- Sent to the Governor for signature
SB 2350 (Bettencourt) Relating to the voter-approval tax rate used to calculate the unused increment rate of a taxing unit for ad valorem tax purposes
- Would restrict changes or updates to truth in taxation worksheet
- Will codify that once the voter-approval tax rate is adopted by the taxing entity, the worksheet cannot be changed or adjusted which would impact the unused increment rate of a taxing unit
- Sent to the Governor for signature
A few bond bills of note that did NOT advance prior to the end of session include:
SB 1252 (Bettencourt) Relating to the wording of ballot propositions for bond elections (“THIS IS A TAX INCREASE” statement required on certain ballot propositions)
SB 2433 (Bettencourt) Relating to certain election practices and procedures; increasing a criminal penalty; providing an administrative penalty
HB 159 (Landgraf) Relating to the procedure by which a taxing unit is required to provide public notice of certain ad valorem tax-related information
HB 3899 (Troxclair) Relating to the issuance of bonds by certain local government corporations
SB 1814 (Bettencourt) Relating to the current debt rate and tax rate of a taxing unit for ad valorem tax purposes
SB 946 (Sparks) Relating to the election date for the authorization of the issuance of bonds or a tax increase