By: Smith, Dalton H.B. No. 682
73R2963 ESH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the sale of certain assets owned by the Lower Colorado
1-3 River Authority.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. The Lower Colorado River Authority Act (Article
1-6 8280-107, Vernon's Texas Civil Statutes) is amended by adding
1-7 Section 26 to read as follows:
1-8 Sec. 26. (a) As soon as possible, the district shall sell:
1-9 (1) all electric power and energy generating
1-10 facilities owned by the district;
1-11 (2) the district's interest in any jointly owned
1-12 electric power and energy generating facilities;
1-13 (3) all water distribution facilities owned by the
1-14 district;
1-15 (4) the district's interest in any jointly owned water
1-16 distribution facilities;
1-17 (5) any other property acquired or constructed by the
1-18 district and incidental to or used or useful in:
1-19 (A) the generation, production, transmission,
1-20 distribution, or sale of electric energy; or
1-21 (B) the distribution or sale of water;
1-22 (6) all vehicles and other personal property owned by
1-23 the district; and
1-24 (7) all real property owned by the district.
2-1 (b) The district shall complete the sale in such a way so as
2-2 to avoid the impairment of any bond obligations incurred under this
2-3 Act.
2-4 (c) The proceeds of the sale required by this section shall
2-5 be used to retire bonds issued under this Act and to pay the
2-6 principal of and interest on any legal debt created by the
2-7 district. However, the purchaser may agree to assume the
2-8 district's debt obligation.
2-9 (d) Any amounts received by the district in excess of the
2-10 amounts needed to retire bonds and pay debts of the district shall
2-11 be deposited to the credit of the permanent school fund.
2-12 (e) If there is a conflict between this section and another
2-13 provision of this Act, this section prevails.
2-14 SECTION 2. Section 15.01(a), Education Code, is amended to
2-15 read as follows:
2-16 (a) The permanent school fund, which shall constitute a
2-17 perpetual endowment for the public free schools of this state,
2-18 shall consist of:
2-19 (1) all land appropriated for the public schools by
2-20 the constitution and laws of Texas;
2-21 (2) all the unappropriated public domain remaining in
2-22 Texas, including all land recovered by the state by suit or
2-23 otherwise except pine forest land as defined in Section 88.111 of
2-24 this code <12, Article 2613, Revised Civil Statutes of Texas, 1925,
2-25 as amended>;
2-26 (3) all proceeds from the authorized sale of permanent
2-27 school fund land, or any portion thereof, surveyed or unsurveyed;
3-1 (4) all proceeds from the lawful sale of any other
3-2 properties belonging to the permanent school fund;
3-3 (5) all investments (authorized in Section 15.02 of
3-4 this code) of properties belonging to the permanent school fund;
3-5 <and>
3-6 (6) all income from the mineral development of land
3-7 constituting the permanent school fund, including income from
3-8 mineral development of riverbeds and other submerged land; and
3-9 (7) all proceeds from the sale of assets owned by the
3-10 Lower Colorado River Authority, as provided by Section 26, Lower
3-11 Colorado River Authority Act (Article 8280-107, Vernon's Texas
3-12 Civil Statutes).
3-13 SECTION 3. The importance of this legislation and the
3-14 crowded condition of the calendars in both houses create an
3-15 emergency and an imperative public necessity that the
3-16 constitutional rule requiring bills to be read on three several
3-17 days in each house be suspended, and this rule is hereby suspended,
3-18 and that this Act take effect and be in force from and after its
3-19 passage, and it is so enacted.