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  89R30992 TJB-F     By: Bettencourt, et al. S.B. No. 2519     (Tepper)     Substitute the following for S.B. No. 2519:  No.       A BILL TO BE ENTITLED   AN ACT   relating to restrictions on the use of certain ad valorem tax   revenue for the payment of public securities.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 26.07, Tax Code, is amended by adding   Subsection (h) to read as follows:           (h)     Notwithstanding any other law, an increase in a taxing   unit's maintenance and operations tax revenue derived from an   election under this section may not be used or transferred to a   local government corporation to repay a public security in   installment payments or otherwise.          SECTION 2.  The heading to Chapter 1253, Government Code, is   amended to read as follows:   CHAPTER 1253.   PUBLIC SECURITIES [ GENERAL OBLIGATION BONDS ] ISSUED   BY LOCAL ENTITIES [ POLITICAL SUBDIVISIONS ]          SECTION 3.  Chapter 1253, Government Code, is amended by   adding Section 1253.004 to read as follows:           Sec.   1253.004.     LIMITATION ON AUTHORITY TO USE AD VALOREM   TAX REVENUE TO PAY PUBLIC SECURITIES.     (a)     In this section,   "public security" has the meaning assigned by Section 1201.002.           (b)     A municipality, county, or local government corporation   may not dedicate, pledge, or otherwise use revenue subject to   annual appropriation and derived wholly or partly from ad valorem   taxes from an election under Chapter 26, Tax Code, for payment of a   public security, including revenue transferred to a local   government corporation to secure or make payments on a public   security.          SECTION 4.  Section 1253.004, Government Code, as added by   this Act, applies only to a public security as defined by that   section issued on or after the effective date of this Act.          SECTION 5.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.