Texas § GV.1431.015 - CERTAIN NOTES OR OTHER OBLIGATIONS FOR EMERGENCY FINANCING

§ GV.1431.015. CERTAIN NOTES OR OTHER OBLIGATIONS FOR EMERGENCY FINANCING

CERTAIN NOTES OR OTHER OBLIGATIONS FOR EMERGENCY FINANCING. (a) In this section, "emergency" means the occurrence of widespread or severe damage, injury, or loss of life or property affecting an area in the jurisdiction of an issuer and resulting from a hurricane or tropical storm, including wind damage, fire damage, damage from wave action, or flood damage resulting from the hurricane or tropical storm. (b) Notwithstanding any other provision of this chapter or a rating requirement prescribed by Chapter 1371 , an issuer located within 70 miles of the Gulf of Mexico or of a bay or inlet of the gulf may authorize the issuance of an anticipation note or other obligation in the event of an emergency. An anticipation note or other obligation issued under this section is an obligation under Chapter 1371 , but is not required to be rated as required by that chapter. (c) The issuer shall deliver to the attorney general, in accordance with Section 1431.017 , a transcript of proceedings related to the issuance of an anticipation note or other obligation issued under this section. However, before delivery of an anticipation note or other obligation issued under this section: (1) the governor must have issued an executive order or proclamation under Chapter 418 declaring a state of disaster and designating the area affected by the emergency; (2) the governing body acting through its presiding officer under Chapter 418 must have declared a local state of disaster designating the area affected by the emergency; or (3) the governor must have proclaimed under Chapter 433 a state of emergency designating the area affected by the emergency. Added by Acts 2007, 80th Leg., R.S., Ch. 929 (H.B. 3270 ), Sec. 6, eff. June 15, 2007. Amended by: Acts 2023, 88th Leg., R.S., Ch. 1013 (H.B. 3097 ), Sec. 1, eff. June 18, 2023.