TX HB3462

Expands the Public Property Finance Act authority from school districts only to all governmental agencies, allowing any local government governing body to enter lease-purchase contracts for real property acquisition

Extends the maximum contract term from 25 years to 35 years for property acquisition agreements under the Act

Requires governing bodies to publish notice of intent to enter a contract at least 60 days before approval, with a summary of major provisions and estimated costs, in a newspaper with general circulation in their jurisdiction

Allows registered voters (at least 5% of those in the jurisdiction) to petition for a referendum within 60 days of the notice publication, which must pass by majority vote before the contract can be approved

Applies only to contracts entered into on or after September 1, 2025; existing contracts remain governed by prior law