S.B. No. 3053 amends the Special District Local Laws Code to clarify the financial limitations on the Hunter Ranch Improvement District No. 1 of Denton County, Texas. Specifically, it establishes that 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 introduces a new provision stating 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.

The bill also validates and confirms all governmental acts and proceedings of the Hunter Ranch Improvement District No. 1 that occurred prior to the bill's effective date, with exceptions for matters currently involved in litigation or previously deemed invalid by a court. Furthermore, the district retains all rights, powers, privileges, authority, duties, and functions it held before 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 such a vote is not achieved.

Statutes affected:
Introduced: Special District Local Laws Code 3980.0503 (Special District Local Laws Code 3980)
Senate Committee Report: Special District Local Laws Code 3980.0503 (Special District Local Laws Code 3980)
Engrossed: Special District Local Laws Code 3980.0503 (Special District Local Laws Code 3980)
House Committee Report: Special District Local Laws Code 3980.0503 (Special District Local Laws Code 3980)
Enrolled: Special District Local Laws Code 3980.0503 (Special District Local Laws Code 3980)