Texas SB1024 modifies rules for issuing anticipation notes and certificates of obligation by local governments.

Texas SB1024 amends the Government Code and Local Government Code to change the conditions under which local governments can issue anticipation notes and certificates of obligation. Generally, a governing body cannot authorize such issuances if a bond proposition for the same purpose was rejected by voters in the past five years. However, exceptions are made for certain emergencies, natural disasters, federal court orders, and compliance with state or federal laws, rules, or regulations.

Texas SB1024 modifies rules for issuing anticipation notes and certificates of obligation by local governments.

Texas SB1024 amends the Government Code and Local Government Code to change the conditions under which local governments can issue anticipation notes and certificates of obligation. Generally, a governing body cannot authorize such issuances if a bond proposition for the same purpose was rejected by voters in the past five years. However, exceptions are made for certain emergencies, natural disasters, federal court orders, and compliance with state or federal laws, rules, or regulations.