H.B. No. 111 proposes an amendment to Chapter 1253 of the Government Code, specifically by adding Section 1253.004, which establishes a requirement for a supermajority vote for the approval of general obligation bonds by political subdivisions. According to the new provision, a political subdivision cannot issue general obligation bonds unless at least two-thirds of the voters participating in the election to authorize the issuance vote in favor of it. This change aims to ensure that a significant majority of the electorate supports such financial decisions.

The bill stipulates that the new voting requirement 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 is set to take effect immediately if it receives a two-thirds vote from all elected members in both houses; otherwise, it will take effect 91 days after the end of the legislative session.

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