89S20216 MPF-D     By: Money H.B. No. 213       A BILL TO BE ENTITLED   AN ACT   relating to the text of ballot propositions for bond elections.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter B, Chapter 1251, Government Code, as   added by Chapters 505 (S.B. 30) and 728 (H.B. 477), Acts of the 86th   Legislature, Regular Session, 2019, is reenacted and amended to   read as follows:   SUBCHAPTER B.  BALLOT FOR DEBT OBLIGATIONS ISSUED BY POLITICAL   SUBDIVISION          Sec. 1251.051.  DEFINITIONS.  In this subchapter:                (1)  "Debt obligation" means a public security, as   defined by Section 1201.002, secured by and payable from ad valorem   taxes.  The term does not include public securities that are   designated as self-supporting by the political subdivision issuing   the securities.                (2)  "Debt obligation election order" means the order,   ordinance, or resolution ordering an election to authorize the   issuance of debt obligations.                (3)  "Political subdivision" means a municipality,   county, school district, or special taxing district.          Sec. 1251.052.  FORM.  (a)  The ballot for a measure seeking   voter approval of the issuance of debt obligations by a political   subdivision shall specifically state:                (1)  a plain language description of the single   specific purpose for which the debt obligations are to be   authorized;                (2)  the total principal amount of the debt obligations   to be authorized; [and]                (3)  the estimated amount of taxes that would be   imposed on a taxpayer for each $100,000 in taxable property value   for the term of each debt obligation to be authorized at the ad   valorem tax rate necessary to pay on time and in full the principal   of and interest on the debt obligation to be authorized; and                (4)  that taxes sufficient to pay the principal of and   interest on the debt obligations will be imposed.          (a-1)  Each single specific purpose for which debt   obligations requiring voter approval are to be issued must be   printed on the ballot as a separate proposition.  A proposition may   include as a specific purpose one or more structures or   improvements serving the substantially same purpose and may include   related improvements and equipment necessary to accomplish the   specific purpose.          (b)  A political subdivision with at least 250 registered   voters on the date the governing body of the political subdivision   adopts the debt obligation election order must prepare a voter   information document for each proposition to be voted on at the   election.  The political subdivision shall post the voter   information document in the same manner as a debt obligation   election order is required to be posted under Section 4.003(f),   Election Code, and may include the voter information document in   the debt obligation election order.  The voter information document   must distinctly state:                (1)  the language that will appear on the ballot;                (2)  the following information formatted as a table:                      (A)  the principal of the debt obligations to be   authorized;                      (B)  the estimated interest for the debt   obligations to be authorized;                      (C)  the estimated combined principal and   interest required to pay on time and in full the debt obligations to   be authorized; and                      (D)  as of the date the political subdivision   adopts the debt obligation election order:                            (i)  the principal of all outstanding debt   obligations of the political subdivision;                            (ii)  the estimated remaining interest on   all outstanding debt obligations of the political subdivision,   which may be based on the political subdivision's expectations   relative to the interest due on any variable rate debt obligations;   and                            (iii)  the estimated combined principal and   interest required to pay on time and in full all outstanding debt   obligations of the political subdivision, which may be based on the   political subdivision's expectations relative to the interest due   on any variable rate debt obligations;                (3)  the estimated maximum annual increase in the   amount of taxes that would be imposed on a residence homestead in   the political subdivision with an appraised value of $100,000 to   repay the debt obligations to be authorized, if approved, based   upon assumptions made by the governing body of the political   subdivision; and                (4)  any other information that the political   subdivision considers relevant or necessary to explain the   information required by this subsection.          (c)  The governing body of the political subdivision shall   identify in the voter information document the major assumptions   made in connection with the statement required by Subsection   (b)(3), including:                (1)  the amortization of the political subdivision's   debt obligations, including outstanding debt obligations and the   proposed debt obligations;                (2)  changes in estimated future appraised values   within the political subdivision; and                (3)  the assumed interest rate on the proposed debt   obligations.          (d)  A political subdivision that maintains an Internet   website shall provide the information described by Subsection (b)   on its website in an easily accessible manner beginning not later   than the 21st day before election day and ending on the day after   the date of the debt obligation election.          (e)  This section provides the ballot proposition language   for an election to authorize the issuance of debt obligations by a   political subdivision.  To the extent of a conflict between this   section and another law, this section controls.          SECTION 2.  The changes in law made by this Act apply only to   an election ordered on or after the effective date of this Act.          SECTION 3.  This Act takes effect on the 91st day after the   last day of the legislative session.