S.B. No. 3053 amends the Special District Local Laws Code regarding the Hunter Ranch Improvement District No. 1 of 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 in 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 Hunter Ranch Improvement District No. 1 that occurred before the effective date of the Act, with exceptions for matters involved in litigation or previously held invalid by a court judgment. The district retains all rights, powers, privileges, authority, duties, and functions it had prior to the Act's effective date. The Act will take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if that 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)