89R14076 DNC-D     By: Schatzline H.B. No. 4965       A BILL TO BE ENTITLED   AN ACT   relating to voter information provided by political subdivisions   before an election to authorize the issuance of bonds.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 1251.052(a) and (b), Government Code,   as added by Chapter 728 (H.B. 477), Acts of the 86th Legislature,   Regular Session, 2019, are amended to read as follows:          (a)  The ballot for a measure seeking voter approval of the   issuance of debt obligations by a political subdivision shall   specifically state:                (1)  a general description of the purposes for which   the debt obligations are to be authorized;                (2)  the total principal amount of the debt obligations   to be authorized; [and]                (3)  that taxes sufficient to pay the principal of and   interest on the debt obligations will be imposed; and                (4)  the ad valorem debt service tax rate expressed in   dollars per $100 valuation of all taxable property in the political   subdivision, stated as:                      (A)  the existing rate;                      (B)  the estimated rate if the bonds are issued;   and                      (C)  the estimated percentage increase in the rate   if the bonds are issued.          (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 property [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.          SECTION 2.  Sections 1251.052(a) and (b), Government Code,   as amended by this Act, apply only to a bond election ordered on or   after January 1, 2027.          SECTION 3.  This Act takes effect September 1, 2025.