Texas HB5490 mandates a supermajority vote for issuing general obligation bonds and increasing ad valorem tax rates.

Texas HB5490 amends the Election Code to require a supermajority vote to authorize the issuance of general obligation bonds. It also mandates that elections to approve an increase in ad valorem tax rates must be held on the November uniform election date and cannot be emergency elections. The bill further stipulates that if at least two-thirds of the voters approve a tax rate increase, the tax rate for that year is the rate adopted by the governing body. Additionally, it modifies the notice requirements for proposed tax rates, including the inclusion of the de minimis rate.

Texas HB5490 mandates a supermajority vote for issuing general obligation bonds and increasing ad valorem tax rates.

Texas HB5490 amends the Election Code to require a supermajority vote to authorize the issuance of general obligation bonds. It also mandates that elections to approve an increase in ad valorem tax rates must be held on the November uniform election date and cannot be emergency elections. The bill further stipulates that if at least two-thirds of the voters approve a tax rate increase, the tax rate for that year is the rate adopted by the governing body. Additionally, it modifies the notice requirements for proposed tax rates, including the inclusion of the de minimis rate.