85R282 MK-D     By: Shaheen H.B. No. 738       A BILL TO BE ENTITLED   AN ACT   relating to certain information included with ballot propositions   for elections to authorize state and local general obligation   bonds.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter A, Chapter 274, Election Code, is   amended by adding Section 274.004 to read as follows:          Sec. 274.004.  PROPOSITION STATEMENT REGARDING GENERAL   OBLIGATION BONDS OF THIS STATE. (a) In addition to any other   wording for a ballot proposition for a proposed constitutional   amendment to authorize the issuance of general obligation bonds of   this state, the secretary of state shall require that the   proposition, both on the ballot and in the proclamation ordering   the election at which the amendment will be submitted, be   accompanied by a statement that includes the following amounts,   with each stated as a total amount and as a per capita amount for the   then-current population of this state:                (1)  the then-current general obligation debt of this   state;                (2)  the maximum amount of additional general   obligation debt of this state that would be authorized by the   proposed amendment; and                (3)  the maximum estimated cost to repay the general   obligation debt that would be authorized by the proposed amendment,   including principal and interest, at a stated likely interest rate.          (b)  For the purposes of the information required by   Subsection (a), on the request of the secretary of state the Bond   Review Board shall:                (1)  certify the then-current general obligation debt   of this state;                (2)  determine a likely interest rate for the proposed   bonds; and                (3)  compute the estimated maximum repayment cost in   accordance with the likely interest rate determined under   Subdivision (2).          (c)  The ballot required by this section must be printed in   substantially the following format:     DEBT ITEMS TOTAL PER CAPITA     CURRENT GENERAL   OBLIGATION DEBT $ ____ $ ____     PROPOSED NEW GENERAL   OBLIGATION DEBT $ ____ $ ____     COST TO REPAY   ADDITIONAL GENERAL     OBLIGATION DEBT   AT __% INTEREST   OVER __ YEARS $ ____ $ ____          (d)  The statement required by this section must:                (1)  be considered by the secretary of state before the   secretary certifies the proposed amendment under Section   274.003(a); and                (2)  be appropriately translated as provided by Section   274.003(c) for other ballot language.          SECTION 2.  Subtitle C, Title 9, Government Code, is amended   by adding Chapter 1253 to read as follows:   CHAPTER 1253. BALLOT INFORMATION FOR ELECTION TO AUTHORIZE LOCAL   GOVERNMENTAL GENERAL OBLIGATION BONDS          Sec. 1253.001.  DEFINITION. In this chapter, "local   government" means a political subdivision or special-purpose   district or authority of this state, including a county,   municipality, school district, junior college district, hospital   district, or conservation and reclamation district.          Sec. 1253.002.  BALLOT INFORMATION FOR ELECTION REGARDING   GENERAL OBLIGATION BONDS. (a)  This section applies to a ballot   printed for an election to authorize a local government to issue   general obligation bonds.          (b)  A ballot must include with the ballot proposition a   statement that includes the following amounts, with each stated as   a total amount and as a per capita amount for the then-current   population of the local government:                (1)  the then-current general obligation debt of the   local government;                (2)  the maximum amount of additional general   obligation debt of the local government that would be authorized if   the proposition is passed; and                (3)  the maximum estimated cost to repay the general   obligation debt that would be authorized by the proposed amendment,   including principal and interest, at a stated likely interest rate.          (c)  The ballot required by this section must be printed in   substantially the following format:     DEBT ITEMS TOTAL PER CAPITA     CURRENT GENERAL   OBLIGATION DEBT $ ____ $ ____     PROPOSED NEW GENERAL   OBLIGATION DEBT $ ____ $ ____     COST TO REPAY   ADDITIONAL GENERAL     OBLIGATION DEBT   AT __% INTEREST   OVER __ YEARS $ ____ $ ____          Sec. 1253.003.  DETERMINATION OF BALLOT INFORMATION. For   the purposes of the information required by Section 1253.002(b),   the treasurer of the local government, or another person as   determined by the governing body of the local government, shall:                (1)  certify the then-current general obligation debt   of the local government;                (2)  determine a likely interest rate for the proposed   bonds; and                (3)  compute the estimated maximum repayment cost in   accordance with the likely interest rate determined under   Subdivision (2).          SECTION 3.  Section 274.004, Election Code, as added by this   Act, and Chapter 1253, Government Code, as added by this Act, apply   only to a ballot proposition for an election held on or after   November 1, 2018.          SECTION 4.  This Act takes effect September 1, 2017.