TX SB470

Restricts local governments to issuing certificates of obligation only for construction, renovation, repair, or improvement of public works that are necessary to comply with state/federal law (after official notice of noncompliance), respond to public health emergencies or natural disasters under a declared state of disaster, or comply with court decisions

Narrows the definition of "public work" to include transportation infrastructure (streets, roads, bridges, sidewalks, parking structures), utilities (water/wastewater systems), airports, parks, landfills, flood control projects, telecommunications/IT systems, and cybersecurity systems—removing public safety facilities, judicial facilities, administrative buildings, libraries, and stadiums from eligibility

Reduces the maximum maturity period for certificates from 40 years to 30 years, and limits change order-related certificate issuance from 25% to 15% of the original contractual obligation

Lowers the petition threshold to require voter approval from 5% to 2% of registered voters, and extends the waiting period after a failed bond election from 3 years to 5 years before a certificate can be issued for the same purpose

Requires governing bodies to enter into a contract for the public work within 90 days of authorizing certificate issuance, and eliminates the authority to issue certificates for restoring historic structures