Texas HB221 amends election requirements for issuing bonds and increasing ad valorem tax rates.

Texas HB221 modifies the election process for authorizing the issuance of general obligation bonds and approving an increase in ad valorem tax rates. The bill stipulates that a political subdivision cannot issue general obligation bonds unless at least two-thirds of the voters approve the issuance. It also mandates that if a proposed tax rate exceeds certain thresholds, the taxing unit must hold an election for voters to accept or reject the proposed rate. If the voters do not approve the rate, the taxing unit must adopt the voter-approval tax rate.

Texas HB221 amends election requirements for issuing bonds and increasing ad valorem tax rates.

Texas HB221 modifies the election process for authorizing the issuance of general obligation bonds and approving an increase in ad valorem tax rates. The bill stipulates that a political subdivision cannot issue general obligation bonds unless at least two-thirds of the voters approve the issuance. It also mandates that if a proposed tax rate exceeds certain thresholds, the taxing unit must hold an election for voters to accept or reject the proposed rate. If the voters do not approve the rate, the taxing unit must adopt the voter-approval tax rate.