By: Lucio, Bettencourt S.B. No. 460       Huffines     A BILL TO BE ENTITLED   AN ACT   relating to general obligation bonds issued by political   subdivisions.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 4.003(f), Election Code, is amended to   read as follows:          (f)  A debt obligation election order required under Section   3.009 shall be posted:                (1)  on election day and during early voting by   personal appearance, in a prominent location at each polling place;                (2)  not later than the 21st day before the election, in   three public places in the boundaries of the political subdivision   holding the election; and                (3)  during the 21 days before the election, on the   political subdivision's Internet website, prominently and together   with the notice of the election, [and] the contents of the   proposition, and any sample ballot prepared for the election, if   the political subdivision maintains an Internet website.          SECTION 2.  Section 85.062, Election Code, is amended by   adding Subsection (h) to read as follows:          (h)  In an election at which a political subdivision submits   a proposition to the voters to approve the issuance of general   obligation bonds, the entity that establishes early voting polling   places under this section may not establish the polling places with   the intent to affect the outcome of the election.          SECTION 3.  Subtitle C, Title 9, Government Code, is amended   by adding Chapter 1253 to read as follows:   CHAPTER 1253.  GENERAL OBLIGATION BONDS ISSUED BY POLITICAL   SUBDIVISIONS          Sec. 1253.001.  DEFINITION. In this chapter, "political   subdivision" means a county, municipality, school district, junior   college district, other special district, or other subdivision of   state government.          Sec. 1253.002.  LIMITATION ON AUTHORITY TO ISSUE GENERAL   OBLIGATION BONDS. (a)  In this section, "improvement" and   "personal property" have the meanings assigned by Section 1.04, Tax   Code.          (b)  Notwithstanding any other provision of law, a political   subdivision may not issue general obligation bonds to purchase,   improve, or construct improvements or to purchase personal property   if the weighted average maturity of the issue of bonds to finance   the improvements or personal property exceeds 120 percent of the   reasonably expected weighted average economic life of the   improvements or personal property financed with the issue of bonds.          Sec. 1253.003.  USE OF UNSPENT GENERAL OBLIGATION BOND   PROCEEDS. (a)  A political subdivision may use the unspent   proceeds of issued general obligation bonds only:                (1)  for the specific purposes for which the bonds were   authorized;                (2)  to retire the bonds; or                (3)  for a purpose other than the specific purposes for   which the bonds were authorized if:                      (A)  the specific purposes are accomplished or   abandoned; and                      (B)  a majority of the votes cast in an election   held in the political subdivision approve the use of the proceeds   for the proposed purpose.          (b)  The election order and the notice of election for an   election described by Subsection (a)(3)(B) must state the proposed   purpose for which the bond proceeds are to be used.          (c)  A political subdivision must hold an election described   by Subsection (a)(3)(B) in the same manner as an election to issue   bonds in the political subdivision.          SECTION 4.  Chapter 1332, Government Code, is repealed.          SECTION 5.  Section 1253.002, Government Code, as added by   this Act, applies only to a general obligation bond authorized to be   issued at an election held on or after the effective date of this   Act.          SECTION 6.  This Act takes effect September 1, 2017.