By:  Counts                                           H.B. No. 1309
       73R3228 MJW-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the composition and authority of the Texas Agricultural
    1-3  Finance Authority.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Sections 58.012(a) and (b), Agriculture Code, are
    1-6  amended to read as follows:
    1-7        (a)  The authority is governed by a board of directors
    1-8  composed of the commissioner of agriculture, the director of the
    1-9  Institute for International Agribusiness Studies at Prairie View
   1-10  A&M University, and seven <four> members appointed by the governor
   1-11  with the advice and consent of the senate.
   1-12        (b)  The appointed members of the board serve staggered terms
   1-13  of two years, with the terms of three <two> members expiring on
   1-14  January 1 of each even-numbered year and the terms of four <two>
   1-15  members expiring on January 1 of each odd-numbered year.
   1-16        SECTION 2.  Section 58.021, Agriculture Code, is amended by
   1-17  adding Subsection (c) to read as follows:
   1-18        (c)  The maximum aggregate amount of loans made to or
   1-19  guaranteed, insured, coinsured, or reinsured for a single eligible
   1-20  agricultural business by the authority or by a lender from funds
   1-21  provided by the authority is $2 million.
   1-22        SECTION 3.  (a)  As soon as possible after the effective date
   1-23  of this Act, the governor shall appoint the additional members to
   1-24  the board of the Texas Agricultural Finance Authority in accordance
    2-1  with Section 58.012, Agriculture Code, as amended by this Act.  The
    2-2  governor shall appoint two members to serve initial terms expiring
    2-3  January 1, 1995, and one member to serve an initial term expiring
    2-4  January 1, 1996.
    2-5        (b)  Until all members have taken office, a quorum of the
    2-6  authority is a majority of the number of voting members who are
    2-7  qualified.
    2-8        SECTION 4.  (a)  Except as provided by Subsection (b) of this
    2-9  section, this Act takes effect January 1, 1994.
   2-10        (b)  Section 2 of this Act takes effect immediately.
   2-11        SECTION 5.  The importance of this legislation and the
   2-12  crowded condition of the calendars in both houses create an
   2-13  emergency and an imperative public necessity that the
   2-14  constitutional rule requiring bills to be read on three several
   2-15  days in each house be suspended, and this rule is hereby suspended,
   2-16  and that this Act take effect and be in force according to its
   2-17  terms, and it is so enacted.