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Relating to the notice required before the issuance of certain debt
obligations by political subdivisions.
No significant fiscal implication to the State is anticipated.
HB 477 would require a variety of information to be printed on ballots in elections seeking voter approval of debt issuance by a political subdivision, such as the general purpose for which the debt will be utilized, the total amount of the debt to be authorized, the estimated maximum annual increase in property taxes etc. Political subdivisions with at least 250 registered voters would also be required to prepare a voter information document on debt obligation elections to be posted online. A notice of the issuing of certificates of debt obligation would also be require to include explanatory information and be posted online.
Texas Action supports this bill for promoting the principle of limited government. This bill would provide greater transparency and help voters be better informed regarding elections to approve issuance of debt.