Texas SB470 amends the Local Government Code to reform the issuance of certificates of obligation by local governments.

The Texas SB470, known as the Certificate of Obligation Reform Act, amends the Local Government Code to revise the issuance of certificates of obligation by local governments. It defines "public work" and restricts the issuance of certificates for certain purposes, such as professional sports facilities or hotels. The bill mandates that contracts for public works must be awarded to the lowest responsible bidder and may be let on a lump-sum or unit price basis. It also requires successful bidders to execute payment and performance bonds.

Texas SB470 amends the Local Government Code to reform the issuance of certificates of obligation by local governments.

The Texas SB470, known as the Certificate of Obligation Reform Act, amends the Local Government Code to revise the issuance of certificates of obligation by local governments. It defines "public work" and restricts the issuance of certificates for certain purposes, such as professional sports facilities or hotels. The bill mandates that contracts for public works must be awarded to the lowest responsible bidder and may be let on a lump-sum or unit price basis. It also requires successful bidders to execute payment and performance bonds.