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TX SB3052
Bill
Status
6/20/2025
Primary Sponsor
Tan Parker
Click for details
AI Summary
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Amends Section 3981.0503 of the Special District Local Laws Code to clarify that the 10% cap on bond principal (relative to assessed property value) applies specifically to bonds secured by ad valorem taxes
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Creates a new separate 10% cap for bonds secured by contract payments, calculated based on the assessed value of all real property in all districts making payments under the contract
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Validates and confirms all governmental acts and proceedings of Cole Ranch Improvement District No. 1 of Denton County taken before the Act's effective date, excluding matters invalidated by final court judgment
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Preserves all existing rights, powers, privileges, authority, duties, and functions of the district
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Takes effect immediately with two-thirds vote of both chambers, otherwise September 1, 2025
Legislative Description
Relating to the powers and duties and validating certain acts and proceedings of the Cole Ranch Improvement District No. 1 of Denton County, Texas.
Special Districts & Authorities
Last Action
Effective immediately
6/20/2025