Texas HB1514 restricts political subdivisions from issuing certain public securities for specific purposes.

Texas HB1514 amends the Government Code to limit the authority of political subdivisions to issue public securities. It prohibits political subdivisions from issuing general obligation bonds for improvements to real property if the bonds' maturity exceeds 120% of the expected economic life of the improvements. Additionally, it prohibits issuing public securities to purchase or lease tangible personal property if the property's useful life ends before the security's maturity date. This Act takes effect September 1, 2025.

Texas HB1514 restricts political subdivisions from issuing certain public securities for specific purposes.

Texas HB1514 amends the Government Code to limit the authority of political subdivisions to issue public securities. It prohibits political subdivisions from issuing general obligation bonds for improvements to real property if the bonds' maturity exceeds 120% of the expected economic life of the improvements. Additionally, it prohibits issuing public securities to purchase or lease tangible personal property if the property's useful life ends before the security's maturity date. This Act takes effect September 1, 2025.