TX HB3688

Prohibits local governments from issuing anticipation notes for contractual obligations if voters rejected a bond proposition for the same purpose within the preceding five years

Limits anticipation notes to 5% of the governing body's total outstanding bonded indebtedness (including principal and interest until maturity) at the time of issuance

Allows registered voters to block anticipation note issuance through a petition signed by at least 5% of voters, submitted before the adoption of the authorizing order or ordinance

Extends the waiting period for certificates of obligation from three years to five years after a failed bond election for the same purpose

Creates exceptions allowing issuance despite these restrictions for public calamities, compliance with state or federal law after official notification of noncompliance, or preservation of public property