Texas HB4986 amends the Local Government Code to reform the issuance of certificates of obligation by local governments.

Texas HB4986, known as the Certificate of Obligation Reform Act, amends the Local Government Code to revise the issuance of certificates of obligation by local governments. The bill defines "public work" to include various infrastructure projects and systems, excluding certain facilities. It allows local governments to issue certificates for public works necessary to comply with state or federal laws or to mitigate emergencies. The bill also sets limits on the maturity and interest rates of certificates and requires certain bonds for public work contracts.

Texas HB4986 amends the Local Government Code to reform the issuance of certificates of obligation by local governments.

Texas HB4986, known as the Certificate of Obligation Reform Act, amends the Local Government Code to revise the issuance of certificates of obligation by local governments. The bill defines "public work" to include various infrastructure projects and systems, excluding certain facilities. It allows local governments to issue certificates for public works necessary to comply with state or federal laws or to mitigate emergencies. The bill also sets limits on the maturity and interest rates of certificates and requires certain bonds for public work contracts.