House Bill No. 3462 amends the Local Government Code to update provisions related to the acquisition of property under the Public Property Finance Act. Key changes include redefining the term "governing body" to encompass various governmental agencies rather than just school districts, and modifying the heading of Section 271.004 to reflect this broader authority. The bill allows governing bodies to execute contracts for the use or purchase of real property, mandates a 60-day notice period before contract approval, and stipulates that if a petition from registered voters is filed, a referendum must be held to approve the contract.

Additionally, the bill increases the maximum term for contracts from 25 years to 35 years and clarifies that contracts entered into before the effective date of the Act will continue to be governed by the previous law. The changes aim to streamline the process for governmental agencies to acquire property while ensuring transparency and public involvement through the referendum process. The Act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Local Government Code 271.003, Local Government Code 271.004, Local Government Code 271.009 (Local Government Code 271)
House Committee Report: Local Government Code 271.003, Local Government Code 271.004, Local Government Code 271.009 (Local Government Code 271)
Engrossed: Local Government Code 271.003, Local Government Code 271.004, Local Government Code 271.009 (Local Government Code 271)