Bill > HB111

This bill modifies the requirements for issuing general obligation bonds by political subdivisions in Texas, stipulating that such bonds can only be authorized if at least two-thirds of voters (rather than a simple majority) approve the issuance at a dedicated election. General obligation bonds are a type of municipal debt backed by the full faith and credit of the issuing government entity, typically used to fund public infrastructure, capital improvements, or other significant projects. The bill specifically adds a new section to the Texas Government Code that mandates this supermajority voting threshold for bond approval. The legislation will apply only to bonds authorized on or after the bill's effective date, which will be either immediately upon receiving a two-thirds vote in the legislature or 91 days after the legislative session ends if that threshold is not met. This change effectively makes it more challenging for political subdivisions to issue general obligation bonds by requiring broader voter consensus.

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=892&Bill=HB111