89R10347 JBD-D     By: Bettencourt S.B. No. 1501       A BILL TO BE ENTITLED   AN ACT   relating to the allocation of proceeds from the issuance of general   obligation bonds by political subdivisions.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Chapter 1253, Government Code, is amended by   adding Section 1253.004 to read as follows:          Sec. 1253.004.  ALLOCATION OF PROCEEDS. A political   subdivision shall allocate the proceeds from the issuance of   general obligation bonds authorized by the voters in the percentage   or amount stated in the ballot proposition to authorize the   issuance.          SECTION 2.  This Act takes effect September 1, 2025.