Requires a two-thirds majority vote of voters to approve issuance of general obligation bonds by a political subdivision.
This bill amends the Texas Government Code to mandate that a political subdivision cannot issue general obligation bonds unless at least two-thirds of the voters at the election approve the issuance. The new provision applies only to bonds authorized after the effective date of this Act. The Act takes immediate effect if it receives a two-thirds vote of all members in each house; otherwise, it takes effect 91 days after the legislative session ends.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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