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A BILL TO BE ENTITLED
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AN ACT
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relating to the operation and administration of 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. (a) The board may issue and sell bonds in the name of |
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the authority to finance the acquisition or construction of |
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buildings to be used by the Texas Bullion Depository. |
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(b) After receiving a request under Section 2116.063, the |
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board shall promptly issue and sell bonds in the name of the |
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authority to provide the requested financing. |
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(c) The comptroller shall accomplish its statutory |
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authority as if the property or building were financed by |
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legislative appropriation. The board and the comptroller shall |
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adopt a memorandum of understanding that defines the division of |
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authority between the board and comptroller. |
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(d) On completion of the acquisition or construction, the |
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comptroller shall lease the building from the authority. |
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(e) Section 1232.114 does not apply to a building purchased |
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under this section. |
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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. DEPOSITORY FACILITY |
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Sec. 2116.061. ACQUISITION OF PROPERTY. The comptroller may |
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by purchase, lease, donation, or otherwise acquire real property to |
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operate the depository. |
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Sec. 2116.062. PURCHASE OF BUILDING SUBJECT TO EXISTING |
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LEASE; AUTHORITY TO LEASE. (a) If the comptroller determines that |
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doing so is advantageous to the state, the comptroller may purchase |
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property that is subject to existing leases by private tenants and |
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may continue or renew an existing lease. The comptroller may |
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renegotiate the terms of an already existing lease to obtain terms |
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that are more favorable to the state. |
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(b) The comptroller may lease at fair marker value any |
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portion of a building acquired under this subchapter to a private |
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tenant for commercial activities. |
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(c) Money received from a lease under this section may be |
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used by the comptroller to repay any debt or bonds used to acquire |
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the property. |
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Sec. 2116.063. BORROWING MONEY; ISSUING AND SELLING BONDS. |
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(a) The comptroller may borrow money in the amount and under |
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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 to operate the |
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depository. |
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(b) The Texas Public Finance Authority may sell the bonds in |
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any manner it determines to be in the best interest of the |
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comptroller, except that it may not sell a bond that has not been |
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approved by the attorney general and registered with the |
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comptroller. |
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Sec. 2116.064. TITLE TO AND CONTROL OF FACILITY. The |
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comptroller shall obtain title for the state and retain control of |
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real property acquired for the depository facility. |
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SECTION 3. This Act takes immediate effect if it receives a |
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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. |