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A BILL TO BE ENTITLED
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AN ACT
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relating to the acquisition of real property or construction of |
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buildings for the purpose of operating the Texas Bullion |
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Depository. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 1232, Government Code, is |
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amended by adding Section 1232.1026 to read as follows: |
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Sec. 1232.1026. ISSUANCE OF BONDS FOR TEXAS BULLION |
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DEPOSITORY BUILDINGS. (a) The board may issue and sell bonds in |
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the name of the authority to finance the acquisition or |
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construction of buildings to be used to operate the Texas Bullion |
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Depository, including the acquisition of real property for that |
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purpose. |
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(b) The comptroller shall accomplish its statutory |
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authority as if the property or building acquired or constructed |
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under this section were funded by legislative appropriation. The |
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board and the comptroller shall adopt a memorandum of understanding |
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that defines the division of authority between the board and |
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comptroller regarding the property or building. |
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(c) To accomplish the bond financing of the acquisition or |
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construction of property or a building under this section, the |
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comptroller shall contract with the authority to purchase the |
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property or building from the authority under a lease-to-purchase |
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agreement or other comparable financing agreement, as determined by |
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the board and the comptroller to be in the best interest of the |
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state. |
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SECTION 2. Chapter 2116, Government Code, is amended by |
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adding Subchapter C to read as follows: |
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SUBCHAPTER C. ACQUISITION OF REAL PROPERTY FOR DEPOSITORY |
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Sec. 2116.071. ACQUISITION OF REAL PROPERTY. The |
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comptroller, by purchase, lease, donation, or other means, may |
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acquire real property necessary for one or more buildings to |
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operate the depository. |
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Sec. 2116.072. PURCHASE OF BUILDING SUBJECT TO EXISTING |
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LEASES. The comptroller may: |
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(1) acquire a building that is subject to a lease by a |
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private tenant and may continue or renew a lease for the building if |
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the comptroller determines that doing so is advantageous to this |
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state; and |
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(2) renegotiate the terms of a lease described by |
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Subdivision (1) to obtain terms that are more favorable to this |
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state. |
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Sec. 2116.073. LEASING PROPERTY AND USE OF LEASE PROCEEDS. |
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(a) The comptroller may lease at fair market value any portion of a |
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property acquired under this subchapter to a private tenant for |
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commercial activities. |
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(b) Money received by the comptroller under a lease of |
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property acquired under this subchapter may be used by the |
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comptroller to: |
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(1) repay obligations issued under Section 1232.1026 |
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and used to acquire the property or construct the building; or |
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(2) make payments under a lease-to-purchase agreement |
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or other comparable financing agreement between the comptroller and |
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the Texas Public Finance Authority. |
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Sec. 2116.074. TITLE TO AND CONTROL OF REAL PROPERTY. The |
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comptroller, subject to the lease-to-purchase agreement or other |
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comparable financing agreement executed under Section 1232.1026, |
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shall obtain in the name of this state title to any real property |
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acquired or building constructed under this subchapter and retain |
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control of that real property. |
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Sec. 2116.075. BORROWING MONEY; ISSUING AND SELLING BONDS. |
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(a) The comptroller may borrow money in the amount and under the |
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circumstances authorized by the legislature and may request the |
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Texas Public Finance Authority, on behalf of the comptroller, to |
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issue and sell bonds to acquire real property or construct a |
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building to operate the depository. |
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(b) The Texas Public Finance Authority may issue and sell |
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bonds for the purposes of Subsection (a) in any manner and on such |
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terms the authority determines to be in the best interest of the |
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comptroller, subject to the requirements of Chapter 1202. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2021. |