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Relating to the issuance of bonds by certain conservation and reclamation districts.
No fiscal implication to the State is anticipated.
HB 1410 would allow certain obligations, that are funded by property taxes and issued by certain water districts for financing a recreational facility, to exceed 1% of the value of the taxable property in the district if it meets certain criteria such as a ratio of debt to valuation of 10% or less and an approved credit rating and a contract with a political subdivision among other things.
HB 1410 would also amend the law to loosen restrictions on the amount of an obligation issued to finance parks and recreational facilities by allowing it to be greater than 1% of taxable property value supported by contract taxes or an amount greater than estimated cost of a park plan.
HB 1410 also clarifies when cities can restrict the purposes for which a district may issue
bonds such as the use of land for water supply and control purposes.
HB 1410 is a local bill allowing qualified conservation and reclamation districts more flexibility to finance development of recreational facilities. Because the ultimate decision would remain with local voters, Texas Action remains neutral on HB 1410.