Texas HB49 restricts the use of ad valorem tax revenue for paying public securities.

Texas HB49 amends the Tax Code to prohibit the use of certain ad valorem tax revenue for public securities. Specifically, it prevents the use of maintenance and operations tax revenue from an election under Chapter 26 for public security payments. This Act also adds a new section to the Government Code, limiting the use of ad valorem tax revenue for repaying public securities. The changes apply to public securities issued after the effective date of the Act.

Texas HB49 restricts the use of ad valorem tax revenue for paying public securities.

Texas HB49 amends the Tax Code to prohibit the use of certain ad valorem tax revenue for public securities. Specifically, it prevents the use of maintenance and operations tax revenue from an election under Chapter 26 for public security payments. This Act also adds a new section to the Government Code, limiting the use of ad valorem tax revenue for repaying public securities. The changes apply to public securities issued after the effective date of the Act.