S.B. No. 3052 amends the Special District Local Laws Code regarding the Cole Ranch Improvement District No. 1 in Denton County, Texas. The bill introduces new provisions that specify the principal amount of bonds secured by ad valorem taxes issued by the district cannot exceed 10 percent of the assessed value of all real property within the district. Additionally, it establishes that the outstanding principal amount of bonds secured by contract payments must also not exceed 10 percent of the assessed value of all real property across all districts making payments under the contract.

Furthermore, the bill validates and confirms all governmental acts and proceedings of the Cole Ranch Improvement District No. 1 that occurred before the bill's effective date, with exceptions for matters involved in litigation or previously held invalid by a court judgment. The district retains all rights, powers, and functions it had prior to the enactment of this bill. The act will take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if that threshold is not met.

Statutes affected:
Introduced: Special District Local Laws Code 3981.0503 (Special District Local Laws Code 3981)
Senate Committee Report: Special District Local Laws Code 3981.0503 (Special District Local Laws Code 3981)
Engrossed: Special District Local Laws Code 3981.0503 (Special District Local Laws Code 3981)
House Committee Report: Special District Local Laws Code 3981.0503 (Special District Local Laws Code 3981)
Enrolled: Special District Local Laws Code 3981.0503 (Special District Local Laws Code 3981)