TX SB1024

Prohibits local government issuers from authorizing anticipation notes to pay contractual obligations if voters rejected a bond proposition for the same purpose within the preceding five years, or if the note amount exceeds 5% of the issuer's total outstanding bonded indebtedness

Extends the waiting period for certificates of obligation from three years to five years after voters reject a related bond proposition for the same purpose

Provides exceptions allowing issuance despite these restrictions for emergency situations, natural disaster cleanup, compliance with federal court orders, and compliance with state or federal laws after official notification of noncompliance

Applies only to anticipation notes and certificates of obligation authorized on or after September 1, 2025; existing authorizations remain governed by prior law