The bill, S.B. No. 3053, pertains to the Hunter Ranch Improvement District No. 1 in Denton County, Texas, and outlines amendments to the Special District Local Laws Code. Specifically, it modifies Section 3980.0503 by amending Subsection (c) to state 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 in the district. Additionally, a new Subsection (d) is added, which 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 Hunter 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 bill is set to take effect immediately upon receiving a two-thirds vote from both houses of the legislature, 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)