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 authorized to acquire real or personal property. The bill also modifies the heading of Section 271.004 to emphasize the authority to contract for real property, removing references to school districts. Additionally, it allows governing bodies to execute contracts for the use or purchase of real property and mandates a 60-day notice period before contract approval, during which a referendum may be requested by registered voters.

Further amendments include extending the maximum term of contracts from 25 years to 35 years and clarifying that contracts entered into after the effective date of the Act will be governed by the new provisions, while those made prior will follow the previous law. The bill aims to streamline the process for governmental agencies in acquiring property and ensures transparency through public notice and potential voter involvement. The effective date for these changes is set for 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)