H.B. No. 5689 is a legislative bill that amends the Special District Local Laws Code concerning the Cole Ranch Improvement District No. 1 in Denton County, Texas. The bill modifies Section 3981.0503 by adding new provisions regarding the issuance of bonds. Specifically, it states 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, it introduces a new subsection that limits the outstanding principal amount of bonds secured by contract payments to an amount equal to 10 percent of the assessed value of all real property in 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 bill outlines that it will 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 3981.0503 (Special District Local Laws Code 3981)