Texas HB3688 amends issuance rules for anticipation notes and certificates of obligation by local governments.

Texas HB3688 modifies the issuance of anticipation notes and certificates of obligation by local governments. It prohibits the authorization of an anticipation note if a bond proposition for the same purpose was rejected by voters in the past five years, if the note exceeds five percent of the issuer's total outstanding bonded indebtedness, or if a petition signed by at least five percent of registered voters protests the issuance. Exceptions allow notes to be issued to comply with state or federal laws or regulations if the issuer has been notified of noncompliance.

Texas HB3688 amends issuance rules for anticipation notes and certificates of obligation by local governments.

Texas HB3688 modifies the issuance of anticipation notes and certificates of obligation by local governments. It prohibits the authorization of an anticipation note if a bond proposition for the same purpose was rejected by voters in the past five years, if the note exceeds five percent of the issuer's total outstanding bonded indebtedness, or if a petition signed by at least five percent of registered voters protests the issuance. Exceptions allow notes to be issued to comply with state or federal laws or regulations if the issuer has been notified of noncompliance.