HBA-ATS, NLM H.B. 3224 76(R)BILL ANALYSIS
Office of House Bill AnalysisH.B. 3224
By: Capelo
Financial Institutions
9/20/1999
Enrolled
BACKGROUND AND PURPOSE
Prior to the 76th Legislature, several provisions of the Bond and Warrant
Law of 1931 were no longer applicable to the procedures relating to the
issuance of utility system revenue bonds and time warrant bonds. The
purpose of H.B. 3224 was to clarify, amend, and repeal specified
provisions, in accordance with the successful effort to codify numerous
public securities statutes into a Public Securities Title of the Government
Code. H.B 3224 sets forth revisions to specified laws relating to public
securities proposed by H.B. 3157, 76th Legislature, Regular Session, 1999.
RULEMAKING AUTHORITY
It is the opinion of the Office of House Bill Analysis that this bill does
not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution.
SECTION BY SECTION ANALYSIS
SECTION 1. Establishes that this Act amends a nonsubstantive revision of
the laws relating to public securities proposed by H.B. 3157, 76th
Legislature, Regular Session, 1999. Provides that this Act takes effect
September 1, 1999, but only if H.B. 3157 is enacted and becomes law.
SECTION 2. Amends Section 1201.027, Government Code, as follows:
Sec. 1201.027. New title: AUTHORITY OF ISSUER TO CONTRACT FOR SERVICES.
(a) Provides that an issuer of public securities has exclusive authority to
select, contract with, and determine the basis for compensation of a person
to provide legal and other services as may be determined by the issuer.
Deletes existing text relating to the authority of the governing body of a
home rule municipality or other political subdivisions and entities.
(b) Provides that Subsection (a) does not impair the attorney general from
approving a contract for legal services entered into by a state agency.
(c) Creates this subsection from existing text and provides for an
exception (Subsection (b)) to the operation of this subsection.
SECTION 3. Amends Section 1205.023, Government Code, to provide that an
action under this chapter is binding on, rather than against, certain
persons described in this section.
SECTION 4. Amends Section 1205.041(b), Government Code, to provide that
the order must, in general terms and without naming them, advise, rather
than require, the persons otherwise described by this section and the
attorney general of certain rights.
SECTION 5. Amends Section 1205.044, Government Code, to clarify that the
effect of notice given under Sections 1205.041 and 1205.043 is that each
person described by Section 1205.041(a) is a party, rather than defendant,
to the action. Makes a conforming change.
SECTION 6. Amends Section 1205.068(e), Government Code, to provide that an
appeal under this section is governed by the rules of the supreme court for
accelerated appeals in civil cases.
SECTION 7. Subchapter A, Chapter 1207, Government Code, by adding Sections
1207.007 and 1207.008, as follows:
Sec. 1207.007. DELEGATION OF AUTHORITY. Authorizes the governing body of
an issuer, in connection with the issuance of refunding bonds, to take
certain actions. Authorizes the officer or employee to establish the terms
and details related to the issuance and sale or exchange of the refunding
bonds, in exercising the authority delegated by the governing body of the
issuer to the officer or employee. Provides that a finding or
determination made by an officer or employee acting under the authority
delegated to the officer or employee has the same force and effect as a
finding or determination made by the governing body of the issuer.
Sec. 1207.008. LIMITATION. Prohibits an issuer from issuing refunding
bonds under certain conditions, unless the governing body of the issuer
finds that the issuance is in the best interests of the issuer, and the
maximum amount by which the aggregate amount of payments to be made under
the refunding bonds exceed a specified amount.
SECTION 8. Amends Section 1207.022, Government Code, to delete existing
Subsection (b) relating to the prohibition on the issuance of refunding
bonds to make deposits in connection with the refunding of certain electric
and gas system bonds.
SECTION 9. Amends Section 1207.025(a), Government Code, to authorize the
comptroller to register refunding bonds in the manner provided, rather than
to provide that refunding bonds must be registered by the comptroller.
SECTION 10. Amends Section 1207.033, Government Code, by adding
Subsections (c) and (d), as follows:
(c) Provides that, after firm banking and financial arrangements for the
discharge and final payment or redemption of the obligation have been made
under this section, all rights of an issuer to initiate other action
amending the terms of the obligation are extinguished. Provides that the
right to call the obligations for redemption is not extinguished under
certain conditions.
(d) Provides that Subsection (c) applies only to firm banking and
financial arrangements made after September 1, 1999.
SECTION 11. Amends Section 1207.062, Government Code, by amending
Subsections (b) and (c) and adding Subsections (d) and (e), as follows:
(b) Authorizes a deposit under Section 1207.061 to be invested only in
direct noncallable obligations of the United States, noncallable
obligations of an agency or instrumentality of the United States that are
rated as to investment quality by a nationally recognized investment rating
firm, and noncallable obligations of a state or agency or a county, or
other political entities of a state that have been refunded and that are
rated in the manner specified.
(c) Authorizes a deposit under Section 1207.061 to be invested only in
certain obligations.
(d) Created from existing text.
(e) Prohibits a deposit, notwithstanding Subsection (b), under an escrow
agreement entered into under this section with respect to an obligation
issued or incurred before September 1, 1999, from being invested in an
investment described by Subsection (b).
SECTION 12. Amends Section 1231.044(b), Government Code, to require the
state auditor to prepare a report of the review and file a copy of the
report with the Bond Review Board. Makes nonsubstantive changes.
SECTION 13. Amends Section 1331.001, Government Code, to delete text
relating to the authority of a municipality to issue bonds payable from ad
valorem taxes with one or more interest coupons.
SECTION 14. Amends Section 1331.002, Government Code, as follows:
Sec. 1331.002. New title: SIGNATURES. Provides that bonds issued by a
municipality under Section 1331.001 must be signed in the manner provided
by the proceedings authorizing the issuance of the bonds, rather than by
the mayor and countersigned by the municipal secretary. Makes a
nonsubstantive change.
SECTION 15. Amends Sections 1371.001(1), (4), and (5), Government Code, to
redefine "credit agreement," "issuer," and "obligation."
SECTION 16. Amends Subchapter A, Chapter 1371, Government Code, by adding
Section 1371.004, as follows:
Sec. 1371.004. EFFECT OF FINDING OR DETERMINATION UNDER DELEGATION OF
AUTHORITY. Provides that a finding or determination made by an officer or
employee acting under the authority delegated to the officer or employee
has the same force and effect as a finding or determination made by the
governing body of the issuer.
SECTION 17. Amends Section 1371.053(a), Government Code, to clarify that a
governing body must adopt or approve an obligation authorization before an
obligation may be issued, rather than to provide that the issuance of an
obligation must be authorized by an obligation authorization.
SECTION 18. Amends Section 1371.056, Government Code, as follows:
(a) Redesignated from existing Subsection (c). Authorizes a governing body
to authorize the execution and delivery of a credit agreement in connection
with or related to the authorization, issuance, security, purchase,
payment, sale, resale, redemption, remarketing, or exchange of an
obligation at any time. Deletes the existing text of Subsections (a) and
(b).
(b)-(d) Redesignated from existing Subsections (d)-(f).
(e) Authorizes the governing body to delegate to an officer or employee the
authority to enter into a credit agreement and transactions under a credit
agreement; and execute any instruments in connection with those
transactions.
SECTION 19. Amends Subchapter B, Chapter 1371, Government Code, by
amending Sections 1371.057 and 1371.058 and adding Sections 1371.059 and
1371.060, as follows:
Sec. 1371.057. REVIEW AND APPROVAL OF OBLIGATION, CREDIT AGREEMENT, AND
CONTRACT BY ATTORNEY GENERAL. Requires the attorney general to deliver to
the comptroller a copy of the attorney general's legal opinion stating
approval and the record of proceedings.
Sec. 1371.058. New title: REGISTRATION. Requires the comptroller to
register the record of the proceedings relating to the issuance of
obligations or the execution of a credit agreement, on receipt of the
documents required by Section 1371.057.
Sec. 1371.059. VALIDITY AND INCONTESTABILITY. Includes the registration
by the comptroller among the provisions of this section relating to valid
and binding obligations.
Sec. 1371.060. REFINANCING, RENEWAL, OR REFUNDING OF OBLIGATION OR CREDIT
AGREEMENT. Redesignated from existing Section 1371.058.
SECTION 20. Amends Section 1371.103 (b), Government Code, to authorize a
governing body to secure and pay the cost of a credit agreement executed
and delivered in connection with the financing of a project cost with the
sources permitted by this chapter, and ad valorem taxes to the extent the
project cost relates to an eligible project financed or to be financed with
obligations payable from ad valorem taxes.
SECTION 21. Amends the heading to Chapter 1502, Government Code, as
follows:
CHAPTER 1502. New title: PUBLIC SECURITIES FOR
MUNICIPAL UTILITIES, PARKS, OR POOLS
SECTION 22. Amends Subchapters A and B, Chapter 1502, Government Code, as
follows:
Sec. 1502.001. DEFINITIONS. Defines "combined system," "public security,"
and "utility system."
Sec. 1502.002. GENERAL AUTHORITY FOR UTILITY SYSTEMS, PARKS, AND POOLS.
Authorizes a municipality to perform the certain actions with respect to a
utility system, a park, or a swimming pool. Authorizes the governing body
of a municipality to authorize the execution and delivery of certain
contracts.
Sec. 1502.003. CREATION AND MAINTENANCE OF COMBINED SYSTEM. Authorizes the
governing body of a municipality to create and maintain one or more
combined systems on a finding of municipality best interest by the
governing body, notwithstanding any law or municipal charter provision to
the contrary. Specifies that a finding by a governing body under this
section is conclusive and incontestable.
Sec. 1502.004. CONFLICT WITH MUNICIPAL CHARTER. Provides that to the
extent of conflict between this chapter and a municipal charter, this
chapter controls.
SUBCHAPTER B. New title: PUBLIC SECURITIES FOR
UTILITY SYSTEMS, PARKS, OR POOLS
Sec. 1502.051. AUTHORITY TO ISSUE PUBLIC SECURITIES. (a) Authorizes the
governing body of a municipality to provide funds for certain acquisitions,
purchases, improvements, and equipment for a utility system, a park, or a
swimming pool.
(b) Authorizes the governing body, in connection with exercising the
authority to provide funds for the purpose described by Subsection (a), to
acquire, purchase, or otherwise obtain interest in property, including
additional water or riparian rights.
(c) Authorizes the governing body to issue public securities and incur
obligations under contracts in accordance with this chapter. Deletes
existing definitions of "encumbered facility" and "utility system."
Sec. 1502.052. PLEDGE OF REVENUE. Authorizes the governing body of a
municipality to pledge to the payment of any public securities issued or
any obligations incurred under Section 1502.051(c), all or any part of the
revenue of a utility system, a park, or a swimming pool. Deletes text from
existing Section 1502.052 (Authority to Build, Purchase, or Encumber
Utility System, Sanitary Disposal Equipment, Park, or Pool), and deletes
existing Section 1502.053 (Authority to Issue Bonds, Notes, or Warrants).
Sec. 1502.053. GRANT OF FRANCHISE. Redesignated from Section 1502.055.
Authorizes the municipality to grant a purchaser under sale or foreclosure
a franchise to operate the encumbered utility system, park, or pool, rather
than facility or property, as additional security for public securities
issued or obligations incurred under this chapter, rather than the
encumbrance, subject to all laws regulating the operation of the utility
system, park, or pool in force at the time of the sale or foreclosure.
Makes nonsubstantive changes.
Sec. 1502.054. OBLIGATIONS NOT PAYABLE FROM TAXES. Redesignated from
Section 1502.056. Sets forth specified provisions of a public security
issued or an obligation incurred under this chapter. Makes conforming
changes.
Sec. 1502.055. ELECTION. Redesignated from Section 1502.057. Deletes
text prohibiting the municipality from encumbering a utility system, park,
or swimming pool for more than $10,000. Makes nonsubstantive changes.
Sec. 1502.056. OPERATING EXPENSES AS FIRST LIEN. Redesignated from
Section 1502.058. Provides that, if the revenue of a utility system, park,
or swimming pool secures the payment of public securities issued or
obligations incurred under this chapter, rather than is encumbered under
this subchapter, each expense of operation and maintenance is a first lien
against that revenue. Authorizes certain contracts between a municipality
and an issuer to provide that payments made by the municipality from the
revenue of the utility system are an operating expense of the
municipality's utility system.
Sec. 1502.057. CHARGES FOR SERVICES. Redesignated from Section 1502.059.
Requires a municipality to impose and collect charges for services provided
by a utility system, rather than an encumbered system, in specified
amounts. Makes conforming changes.
Sec. 1502.058. LIMITATION ON USE OF REVENUE. Redesignated from Section
1502.060. Prohibits the use of revenue from a utility system, park, or
swimming pool to pay any other debt, expense, or obligation, except as
otherwise provided by this section, Section 1502.059 or by Section 271.052
(Certificates Payable from and Secured by Other Revenues), Local Government
Code. Provides that this section does not apply to a payment made from
surplus revenue of a utility system, park, or swimming pool. Makes
conforming changes.
Sec. 1502.059. TRANSFER OF REVENUE TO GENERAL FUND. Redesignated from
Section 1502.061. Makes conforming changes.
Sec. 1502.060. USE AND INVESTMENT OF PROCEEDS. (a) Authorizes a
municipality to specified use of proceeds, to the extent provided by the
proceedings authorizing the issuance of the public securities issued under
this chapter.
(b) Authorizes a municipality to use certain proceeds to pay interest on
the public securities during a specified time period.
(c) Authorizes a municipality to use certain proceeds to provide specified
reserves and to obtain a credit agreement as provided by Section 1502.064.
(d) Authorizes a municipality to invest certain proceeds to the extent and
in the manner provided in the proceedings authorizing the issuance of the
public securities. Deletes existing Sections 1502.062 (Use of Bond
Proceeds: Municipality With Population of 75,000 or More) and 1502.063
(Revenue Bonds to Improve Waterworks System: Two Series With Different
Security).
Sec. 1502.061. ADDITIONAL OBLIGATIONS TO IMPROVE OR EXTEND UTILITY SYSTEM.
Redesignated from Section 1502.064. Authorizes a municipality that has
outstanding public securities secured by the net revenue of a utility
system, rather than one or more utility systems, to issue additional public
securities or incur other obligations for a purpose described by Section
1502.051. Provides that public securities issued under this section
constitute a lien on the revenue of the affected system inferior to a lien
securing payment of outstanding public securities, as determined by the
governing body of the municipality. Deletes text relating to the issuance
of bonds for the improvement or extension of one or more utility system.
Makes conforming changes.
Sec. 1502.062. MATURITY. Provides that a public security issued under
this chapter must mature not later than 50 years after its date.
Sec. 1502.063. ADDITIONAL AUTHORITY OF MUNICIPALITY WITH A POPULATION OF
50,000 OR MORE. Authorizes a municipality with a population of 50,000 or
more, notwithstanding any other provision of this chapter, to exercise any
authority granted to a governing body under Chapter 1371 in connection
with the issuance of obligations under that chapter.
Sec. 1502.064. CREDIT AGREEMENT FOR RESERVE FUND. Authorizes the
governing body of a municipality to provide that in lieu of or in addition
to providing a cash reserve, a credit agreement may be used to provide the
reserve. Provides that a credit agreement obtained to provide a reserve
must be submitted to the attorney general for examination and approval.
Provides that, after approval by the attorney general, the credit agreement
is incontestable in any court or other forum for any reason and is a valid
and binding obligation of the municipality in accordance with its terms for
all purposes.
Sec. 1502.065. REFUNDING BONDS. Authorizes a municipality to issue public
securities in the manner provided by applicable law to refund or otherwise
refinance any obligation incurred under this chapter to which revenue has
been pledged. Deletes existing Sections 1502.065 (Lien Priority: Refunding
Bonds) and 1502.066 (Bonds For Acquisition of Hydroelectric Generating
Facilities).
Sec. 1502.066. RECORDS. Redesignated from Section 1502.067. Makes
conforming changes.
Sec. 1502.067. RECORDS: NONCASH BASIS. Redesignated from Section 1502.068.
Makes conforming changes.
Sec. 1502.068. ANNUAL REPORT. Redesignated from Section 1502.069.
Requires the superintendent or manager of a utility system, park, or pool
or another person designated by the governing body, annually, on the date
determined by the governing body of the municipality, to file with the
mayor and governing body of the municipality a detailed report of the
operation of the system, park, or pool for the preceding 12-month period
specified by the governing body. Deletes text relating to the requirements
of the superintendent or manager of a plant encumbered under this
subchapter. Makes conforming changes.
Sec. 1502.069. OFFENSES; PENALTY. Redesignated from Section 1502.070.
Provides that the person responsible for filing the report required by
Section 1502.068 commits an offense if the person, rather than
superintendent or manager, fails to timely file the report. Makes
nonsubstantive changes.
Sec. 1502.070. New title: MANAGEMENT AND CONTROL OF UTILITY SYSTEM.
Redesignated from Section 1502.071. Authorizes management and control of a
utility system to be vested in specified authorities. Deletes text
relating to the authority given by a contract under which a facility is
encumbered. Makes conforming changes.
Sec. 1502.071. RULES. Redesignated from Section 1502.072. Makes a
conforming change.
Sec. 1502.072. TRUSTEE. Redesignated from Section 1502.073. Makes a
conforming change.
Sec. 1502.073. NOTICE TO GOVERNING BODY BEFORE FORECLOSURE OR OTHER
ACTION. Redesignated from Section 1502.074.
Sec. 1502.074. CIVIL ENFORCEMENT. Redesignated from Section 1502.076.
Makes conforming changes.
Deletes existing Sections 152.075 (Appropriation of Utility System Income:
Municipality With Population of 12,410 or Less) and 1502.077 (Conflict With
Municipal Charter).
SECTION 23. Amends Section 1506.164, Government Code, to provide that this
subchapter is cumulative of all other law on the subject, but this
subchapter is wholly sufficient authority within itself for the issuance of
bonds and the performance of the other acts and procedures authorized by
this subchapter without reference to any other law or any restrictions or
limitations contained in that law, except as specifically provided by this
subchapter.
SECTION 24. Amends Section 152.001(a), Water Code, to provide that this
chapter applies only to a river authority that, directly or through a
corporation created under Section 152.051, is engaged in the distribution
and sale of electric energy to the public.
SECTION 25. Amends Section 152.052, Water Code, by adding Subsection (d),
to authorize a corporation created under Section 152.051 and the creating
river authority to share officers, directors, employees, equipment and
facilities, and provide goods or services to each other at cost without the
requirement of competitive bidding.
SECTION 26. Amends Subchapter B, Chapter 152, Water Code, by adding
Sections 152.056 and 152.057, as follows:
Sec. 152.056. TRANSFER OF RIVER AUTHORITY ASSETS TO CORPORATION.
Authorizes the board of directors (board) of a river authority to sell,
lease, loan or otherwise transfer some, all, or substantially all of the
electric generation property of the river authority to a corporation
created under Section 152.051. Provides that the property transfer must be
made under terms approved by the board.
Sec. 152.057. APPLICATION OF OTHER LAW TO RIVER AUTHORITY. Provides that
reference in any other law to certain river authorities includes a river
authority that has created a corporation under Section 152.051 that is
engaged in the distribution and sale of electric energy to the public.
SECTION 27. Amends Section 152.156, Water Code, to delete text authorizing
an economic development program to involve the granting or lending of
money, services, or property to a person engaged in the following economic
development activities:
_a public fire fighting organization;
_a governmental body;
_a nonprofit corporation;
_a local or regional development council; or
_an other nonprofit or noncommercial organization.
SECTION 28. Amends Section 152.201, Water Code, to provide that this
chapter constitutes full authority for a river authority to issue revenue
bonds and other obligations without reference to any other law. Makes a
nonsubstantive change.
SECTION 29. Amends Chapter 152, Water Code, by adding Subchapter G, as
follows:
SUBCHAPTER G. ELECTRIC TRANSMISSION SERVICES AND
FACILITIES OF RIVER AUTHORITY
Sec. 152.301. ELECTRIC TRANSMISSION SERVICES AND FACILITIES. Authorizes a
river authority to provide certain transmission services, and acquire,
finance, lease, construct, rebuild, operate, or sell electric transmission
facilities at any location within or outside the boundaries of the river
authority.
Sec. 152.302. LIMITATION ON ELECTRIC TRANSMISSION FACILITIES. Provides
that this subchapter does not authorize a river authority to construct
electric transmission facilities for an ultimate consumer of electricity to
enable that consumer to bypass the transmission or distribution facilities
of its existing provider.
SECTION 30. Amends Section 418.107(d), Government Code, to require the
time warrants issued under this chapter to be issued in accordance with
Chapter 252 (Purchasing and Contracting Authority of Municipalities), Local
Government Code, in the case of a municipality, or Subchapter C
(Competitive Bidding in General), Chapter 262 (Purchasing and Contracting
Authority of Counties), Local Government Code, in the case of a county,
rather than in accordance with the Bond and Warrant Law of 1931, Article
2368a, V.T.C.S. Subjects time warrants under this section to the right of
the voters to require a referendum vote under Section 252.045 (Referendum
on Issuance of Time Warrants) or 262.029 (Time Warrant Election), Local
Government Code, as applicable, rather than Section 4 of the Bond and
Warrant Law of 1931.
SECTION 31. Amends Section 1433.022(b), Government Code, to make a
conforming change.
SECTION 32. Amends Sections 263.026(b) and (i), Health and Safety Code, as
follows:
(b) Authorizes the commissioners court, to pay for a site or building for a
health facility, to issue bonds and impose taxes to pay the principal of
and interest on the bonds in accordance with Subtitles A and C, Title 9,
Government Code. Updates statutory references.
(i) Updates statutory references.
SECTION 33. Amends Section 264.033, Health and Safety Code, to update
statutory references.
SECTION 34. Amends Section 383.013(c), Health and Safety Code, to update
statutory references.
SECTION 35. Amends Section 43.074(f), Local Government Code, to update
statutory references. Deletes text referring to an exception that a notice
of the intention to issue the refunding bonds is not required and a right
of referendum does not exist
SECTION 36. Amends Section 43.075(h), Local Government Code, to update
statutory references. Deletes text referring to an exception that a notice
of the intention to issue the refunding bonds is not required and a right
of referendum does not exist
SECTION 37. Amends Sections 43.076(h) and (i), Local Government Code, as
follows:
(h) Updates statutory references and deletes text referring to an exception
that a notice of the intention to issue the refunding bonds is not required
and a right of referendum does not exist.
(i) Provides that Subchapter B, Chapter 1502, Government Code, applies to
the revenue refunding bonds, except as otherwise provided. Provides that
revenue refunding bonds or general obligation refunding bonds must be
issued in the manner provided by Chapter 1207, Government Code. Deletes
text relating to the authority of the municipality to exercise the
authority granted under Chapter 541, Acts of the 51st Legislature, Regular
Session, Article 1118n-5, V.T.C.S.
SECTION 38. Amends Section 252.045(c), Local Government Code, as follows:
(c) Provides that the provisions of Subtitles A and C, Title 9, Government
Code, govern the referendum and the time warrants to the extent those
provisions are consistent with this chapter. Provides that the time
warrants may mature over a term exceeding 40 years under certain
conditions. Deletes text relating to the provisions of Chapter 1 and 2,
Title 22, V.T.C.S., and Chapter 163, General Laws, Acts of the 42nd
Legislature, Regular Session, 1931, Article 2368a, V.T.C.S.
SECTION 39. Amends Section 271.042, Local Government Code, to update
statutory references.
SECTION 40. Amends Section 280.001(c), Local Government Code, to make
conforming and nonsubstantive changes.
SECTION 41. Amends Section 411.008(b), Local Government Code, to require
the commissioners court to impose related taxes in compliance with Chapter
1251, rather than Chapter 1253, Government Code.
SECTION 42. Amends Section 22.053(b), Transportation Code, to require the
commissioners court of a county that issues time warrants under this
section to comply with Subchapter C, Chapter 262, Local Government Code,
and Chapter 1251, regarding the imposition of taxes for payment of the time
warrants. Deletes text relating to compliance with Chapter 163, General
Laws, Acts of the 42nd Legislature, Regular Session, 1931, Article 2368a,
V.T.C.S., regarding the levy and collection of taxes in payment of the time
warrants.
SECTION 43. Amends Section 367.068(a), Transportation Code, to delete the
application of Chapter 1253, Government Code, to certain procedures,
rights, and accomplishments.
SECTION 44. Amends Section 16.345(b), Water Code, to require the bonds to
be issued in accordance with, and to authorize a political subdivision to
exercise the powers granted by Subchapter B, Chapter 1502, Government Code,
and Chapters 1201 and 1371, Government Code, rather than specified
articles in V.T.C.S. Makes nonsubstantive changes.
SECTION 45. Amends Section 2(h), Chapter 702, Acts of the 68th
Legislature, Regular Session, 1983, Article 717r, V.T.C.S., to require the
bond election to be held in the manner prescribed by Chapter 1251,
Government Code, for the issuance of municipal bonds, rather than Section 7
of the Bond and Warrant Law of 1931.
SECTION 46. Provides that all public securities authorized and issued by
any issuer before September 1, 1999, a public security authorization
approved or adopted by an issuer in connection with the authorization and
issuance of the public securities, and any contracts or agreements executed
and delivered in connection with the public securities that were approved
by the public security authorization are validated, ratified, and confirmed
in all respects. Defines "issuer," "public security," and "public security
authorization."
SECTION 47. Repealer:
Section 1207.081(c), Government Code;
Chapter 1253, Government Code;
Subchapter C, Chapter 1331, Government Code;
Section 1473.052(c), Government Code;
Subchapters C-K, Chapter 1502, Government Code;
Subchapters B and D, Chapter 1504, Government Code; and
Subchapters B and F, Chapter 1509, Government Code.
SECTION 48. Emergency clause.