Requires a two-thirds majority vote from voters to approve the issuance of general obligation bonds by a political subdivision.

This bill amends the Texas Government Code to establish that a political subdivision cannot issue general obligation bonds unless at least two-thirds of the voters at the election approve the issuance. The changes apply to bonds authorized after the Act's effective date. The Act can take effect immediately if it receives a two-thirds vote from all members elected to each house, otherwise it will take effect 91 days after the legislative session.

Requires a two-thirds majority vote from voters to approve the issuance of general obligation bonds by a political subdivision.

This bill amends the Texas Government Code to establish that a political subdivision cannot issue general obligation bonds unless at least two-thirds of the voters at the election approve the issuance. The changes apply to bonds authorized after the Act's effective date. The Act can take effect immediately if it receives a two-thirds vote from all members elected to each house, otherwise it will take effect 91 days after the legislative session.