The bill, H.B. No. 50, amends Chapter 1253 of the Government Code by adding a new section, 1253.004, which establishes a requirement for a supermajority vote to approve the issuance of general obligation bonds by political subdivisions. Specifically, the bill stipulates that a political subdivision cannot issue these bonds unless at least two-thirds of the voters participating in the election to authorize the issuance vote in favor. This change aims to ensure that a significant majority of the electorate supports such financial decisions.

Additionally, the new provision applies only to general obligation bonds that are authorized for issuance on or after the effective date of the Act. The bill is set to take effect immediately if it receives a two-thirds vote from all members elected to each house; otherwise, it will take effect 91 days after the end of the legislative session.

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