Enrolled Bill Summary

            Senate Bill 1296 amends the Government Code to require the Texas Public Finance Authority to issue general obligation bonds in an aggregate amount not to exceed $175 million, with the office of the governor determining the amount to be issued at any one time, to provide financial assistance to counties for colonia access roadway projects. Distribution of the proceeds to the various counties is to be directed by the Texas Department of Transportation according to criteria developed by the Texas Transportation Commission and in cooperation with the office of the governor, the secretary of state, and the Texas A&M University Center for Housing and Urban Development. The commission is also required to establish grant applications procedures, determine the counties and projects to be funded and the level of funding, and develop financial reporting requirements for funding recipients. The bill also allows the authority to enter into credit agreements to facilitate the issuance of the bonds.

            This bond authority is contingent on voter approval of the constitutional amendment proposed by the 77th Legislature authorizing the bond issue for colonia roadway projects, and Senate Bill 1296 takes effect on the date the constitutional amendment takes effect. If the amendment is not approved, Senate Bill 1296 has no effect.