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Senate Bill 1332 |
Senate Author: West, Royce |
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Effective: See below |
House Sponsor: Chavez |
Senate Bill 1332 amends the Government Code to require the Bond Review Board, in consultation with the Legislative Budget Board, to complete an annual study of the state's current debt burden to assist in determining the state's debt affordability. The bill establishes procedures for an issuer of a state security to submit a request for proposal to the board for contracted services to aid with that issuance, sets out qualifications and requirements for certain financial or investment advisers retained by an issuer, and requires an authority contracting with a private entity to issue bonds to give preference to historically underutilized Texas businesses. In addition, the bill requires the board to adopt policies for evaluating the risks and effects of an interest rate management agreement on a state security and to give priority for bond reservations to the Texas Economic Development Bank for certain projects. The bill takes effect September 1, 2007, except provisions relating to the qualifications and requirements of financial and investment advisers, which take effect January 1, 2008.