Texas HB1453 modifies rules for local governments issuing anticipation notes and certificates of obligation.

Texas HB1453 amends the Local Government Code to change rules for local governments issuing anticipation notes and certificates of obligation. It specifies that local governments cannot issue certificates unless approved by voters if a petition is signed by at least two percent of registered voters. It also allows for the issuance of certificates for public health emergencies, natural disaster cleanup, and compliance with state or federal laws. The bill sets a maximum maturity period and interest rate for certificates and requires certain contracts to be awarded to the lowest bidder.

Texas HB1453 modifies rules for local governments issuing anticipation notes and certificates of obligation.

Texas HB1453 amends the Local Government Code to change rules for local governments issuing anticipation notes and certificates of obligation. It specifies that local governments cannot issue certificates unless approved by voters if a petition is signed by at least two percent of registered voters. It also allows for the issuance of certificates for public health emergencies, natural disaster cleanup, and compliance with state or federal laws. The bill sets a maximum maturity period and interest rate for certificates and requires certain contracts to be awarded to the lowest bidder.