The bill, H.B. No. 3526, aims to enhance fiscal transparency for bonds issued by local governmental entities in Texas. It amends Section 1202.008(c) of the Government Code to require the attorney general to send information to the Bond Review Board for inclusion in reports mandated by Sections 1231.062 and 1231.065. Additionally, it introduces a new Section 1231.024, which mandates the development of a publicly accessible and searchable database on the Bond Review Board's website. This database will provide clear and organized information about each bond proposed or issued by local governments, including details such as the principal amount, estimated interest, and total repayment amounts.

Furthermore, the bill adds Section 1231.065, which requires the Bond Review Board to prepare and submit a biennial report by December 31 of each even-numbered year to legislative committees overseeing finance. This report will detail the repayment status of each voter-approved bond issued by local governments, including the estimated total repayment amounts and any necessary tax rate increases to cover these costs. The Bond Review Board is tasked with establishing the database by September 1, 2026, and the act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Government Code 1202.008 (Government Code 1202)