By:  Armbrister                                        S.B. No. 481
       73R4667 RJA-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to liquidity services provided by the treasurer for
    1-3  obligations of the Texas Public Finance Authority.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Subchapter E, Chapter 404, Government Code, is
    1-6  amended by adding Section 404.074 to read as follows:
    1-7        Sec. 404.074.  LIQUIDITY SERVICES.  (a)  The treasurer may
    1-8  enter into a standby purchase contract or a similar agreement to
    1-9  provide liquidity for, and enhance the marketability of,
   1-10  obligations issued for governmental purposes by the Texas Public
   1-11  Finance Authority.  The authority may enter into those agreements
   1-12  with the treasurer.
   1-13        (b)  The treasurer may not charge for providing services
   1-14  under this section unless the treasurer is required to perform
   1-15  services under the applicable liquidity agreement.  Charges
   1-16  authorized under this section may not exceed the reasonable costs
   1-17  incurred by the treasurer in performing the services.
   1-18        (c)  In this section, "obligation" includes:
   1-19              (1)  commercial paper;
   1-20              (2)  a variable rate demand obligation; and
   1-21              (3)  an obligation described by Section 1(5), Chapter
   1-22  656, Acts of the 68th Legislature, Regular Session, 1983 (Article
   1-23  717q, Vernon's Texas Civil Statutes).
   1-24        SECTION 2.  The importance of this legislation and the
    2-1  crowded condition of the calendars in both houses create an
    2-2  emergency and an imperative public necessity that the
    2-3  constitutional rule requiring bills to be read on three several
    2-4  days in each house be suspended, and this rule is hereby suspended.