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  89R28403 JBD-D     By: Schofield H.B. No. 1514     Substitute the following for H.B. No. 1514:     By:  Lambert C.S.H.B. No. 1514       A BILL TO BE ENTITLED   AN ACT   relating to the authority of a political subdivision to issue   certain public securities to purchase or lease tangible personal   property or purchase, improve, or construct an improvement to real   property.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  The heading to Chapter 1253, Government Code, is   amended to read as follows:   CHAPTER 1253.   PUBLIC SECURITIES [ GENERAL OBLIGATION BONDS ]   ISSUED BY POLITICAL SUBDIVISIONS          SECTION 2.  Section 1253.001, Government Code, is amended to   read as follows:          Sec. 1253.001.   DEFINITIONS [ DEFINITION ].  In this chapter :                 (1)  "Political  [ , "political ] subdivision" means a   county, municipality, school district, junior college district,   other special district, or other subdivision of state government.                 (2)     "Public security" has the meaning assigned by   Section 1201.002.          SECTION 3.  Chapter 1253, Government Code, is amended by   adding Section 1253.0015 to read as follows:           Sec.   1253.0015.     LIMITATION ON AUTHORITY TO ISSUE PUBLIC   SECURITY FOR TANGIBLE PERSONAL PROPERTY.   (a)   A political   subdivision may not issue a public security to purchase or lease   tangible personal property if the expected useful life of the   property for the purpose of calculating depreciation deductions   under the Internal Revenue Code of 1986 ends before the maturity   date of the public security.           (b)     This section does not apply to financing related to a   critical infrastructure facility, as defined by Section 59.001,   Business & Commerce Code.          SECTION 4.  Section 1253.002   , Government Code, is amended to   read as follows:          Sec. 1253.002.  LIMITATION ON AUTHORITY TO ISSUE CERTAIN   PUBLIC SECURITIES FOR IMPROVEMENTS TO REAL PROPERTY  [ GENERAL   OBLIGATION BONDS ]. [ (a)   In this section, "personal property"   has   the meaning assigned by Section 1.04, Tax Code.          [ (b) ]  Notwithstanding any other provision of law, a   political subdivision may not issue general obligation bonds ,   certificates of obligation, or anticipation notes to purchase,   improve, or construct one or more improvements to real property [ ,   to purchase one or more items of personal property, or to do both, ]   if the weighted average maturity of the issue of bonds ,   certificates, or notes exceeds 120 percent of the reasonably   expected weighted average economic life of the improvements [ and   personal property ] financed with the issue of bonds , certificates,   or notes .          SECTION 5.  This Act takes effect September 1, 2025.