Texas § EL.3.009 - CONTENTS OF DEBT OBLIGATION ELECTION ORDER

§ EL.3.009. CONTENTS OF DEBT OBLIGATION ELECTION ORDER

CONTENTS OF DEBT OBLIGATION ELECTION ORDER. (a) In this section, "debt obligation" means an issued public security, as defined by Section 1201.002 , Government Code, that is secured by and payable from ad valorem taxes. The term does not include public securities that are designated as self-supporting by the political subdivision issuing the securities. (b) The document ordering an election to authorize a political subdivision to issue debt obligations must distinctly state: (1) the proposition language that will appear on the ballot; (2) the purpose for which the debt obligations are to be authorized; (3) the principal amount of the debt obligations to be authorized; (4) that taxes sufficient to pay the principal of and interest on the debt obligations may be imposed; (5) a statement of the estimated tax rate if the debt obligations are authorized or of the maximum interest rate of the debt obligations or any series of the debt obligations, based on the market conditions at the time of the election order; (6) the maximum maturity date of the debt obligations to be authorized or that the debt obligations may be issued to mature over a specified number of years not to exceed the maximum number of years authorized by law; (7) the aggregate amount of the outstanding principal of the political subdivision's debt obligations as of the date the election is ordered; (8) the aggregate amount of the outstanding interest on debt obligations of the political subdivision as of the date the election is ordered, which may be based on the political subdivision's expectations relative to variable rate debt obligations; and (9) the ad valorem debt service tax rate for the political subdivision at the time the election is ordered, expressed as an amount per $100 valuation of taxable property. Added by Acts 2013, 83rd Leg., R.S., Ch. 554 (S.B. 637 ), Sec. 1, eff. September 1, 2013. Amended by: Acts 2019, 86th Leg., R.S., Ch. 728 (H.B. 477 ), Sec. 1, eff. September 1, 2019.