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Senate Bill 1657 |
Senate Author: Watson et al. |
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Effective: 6-10-15 |
House Sponsor: Miller, Rick |
Senate Bill 1657 amends the Government Code to authorize the comptroller of public accounts to issue, sell, and deliver commercial paper notes on behalf of the state in anticipation of a temporary cash shortfall in the general revenue fund during any fiscal year. The bill establishes that the Cash Management Committee's approval of the issuance of commercial paper notes expires on the last day of the fiscal year for which the tax and revenue anticipation notes are approved, providing for the issuance and rollover of commercial paper notes during that fiscal year. The bill requires all commercial paper notes to mature and be paid in full in accordance with the requirement in current law that all tax and revenue anticipation notes mature and be paid in full during the fiscal biennium in which they were issued and be signed by the governor. The bill additionally extends the expiration date for each subsequent approval by the committee of the issuance of tax and revenue anticipation notes.