Texas SB1037 amends laws on anticipation notes and certificates of obligation for political subdivisions.
Texas SB1037 modifies the issuance of anticipation notes and certificates of obligation by political subdivisions. It restricts the authorization of anticipation notes unless specific conditions are met, such as a failed bond proposition or noncompliance with laws. Certificates of obligation are also limited unless they comply with state or federal laws or regulations. The changes apply to notes and certificates issued after the bill's effective date of September 1, 2025.
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