H.B. No. 50 proposes an amendment to the Government Code by adding Section 1253.004, which establishes that a political subdivision cannot issue general obligation bonds unless at least two-thirds of voters approve the issuance in an election. This requirement for a supermajority vote aims to ensure that a significant majority of the electorate supports the decision to incur debt through bond issuance.

The new provision applies only to general obligation bonds authorized by the governing body of a political subdivision on or after the effective date of the Act. The Act will take effect immediately if it receives a two-thirds vote from all elected members in both houses; otherwise, it will become effective 91 days after the end of the legislative session.

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