By: Barrientos S.B. No. 977
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the amendment of the Texas Public Finance Authority
1-2 Act, Article 601d and Article 601d-1, Vernon's Texas Civil
1-3 Statutes, to provide for certain interim construction and equipment
1-4 financing procedures.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 9A (d), Texas Public Finance Authority
1-7 Act (Article 601d, Vernon's Texas Civil Statutes), is amended to
1-8 read as follows:
1-9 (d) State agencies are authorized to enter into the types of
1-10 contracts and agreements delineated in this section for the purpose
1-11 of purchasing or leasing necessary equipment. If a law requires a
1-12 state agency to obtain the approval of another state agency or
1-13 perform any other act before a state agency may purchase or lease
1-14 computer equipment, then those requirements must be satisfied
1-15 before an agency may enter into a contract or agreement under this
1-16 Act. The authority shall promulgate rules so that no equipment may
1-17 be financed <obligations are not issued and sold> before the
1-18 authority receives written proof that the requirements have been
1-19 satisfied.
1-20 SECTION 2. Section 23(b), Texas Public Finance Authority Act
1-21 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
1-22 as follows:
1-23 (b) The process of acquiring or constructing a building or
2-1 purchasing or leasing equipment may begin after:
2-2 (1) the authority has certified that obligations in an
2-3 amount sufficient to pay the construction or purchase price of such
2-4 project have been authorized for issuance by the authority under an
2-5 interim construction finance facility established by the authority
2-6 in accordance with Article 717q, Vernon's Texas Civil Statutes, or
2-7 (2) <(1)> (A) the proceeds have been deposited into
2-8 the state treasury;
2-9 <(2)> (B) the comptroller of public accounts has
2-10 certified that the proceeds are available;
2-11 <(3)> (C) the reserve funds and capitalized interest,
2-12 as certified by the authority as reasonably required, have been
2-13 paid; and
2-14 <(4)> (D) the costs of issuing the bonds or
2-15 obligations have been paid after receiving a certificate from the
2-16 authority specifying those costs.
2-17 SECTION 3. Section 5(c) of Article 601d-1, Vernon's Texas
2-18 Civil Statutes, is amended to read as follows:
2-19 (c) The appropriate agency may begin approved projects after
2-20 (1) the authority has certified that obligations in an amount
2-21 sufficient to pay the construction or purchase price of such
2-22 project have been authorized for issuance by the authority under an
2-23 interim construction finance facility established by the authority
2-24 in accordance with Article 717q, Vernon's Texas Civil Statutes, or
2-25 (2) once the funds are deposited and the comptroller of public
3-1 accounts has certified that the funds are available and after
3-2 transfer of any reserve funds or capitalized interest certified to
3-3 be reasonably required by the authority and payment of costs of
3-4 issuance of the bonds based on a statement by the authority that
3-5 specifies those costs.<, the appropriate agency may begin approved
3-6 projects.>
3-7 SECTION 4. The importance of this legislation and the
3-8 crowded condition of the calendars in both houses create an
3-9 emergency and an imperative public necessity that the
3-10 constitutional rule requiring bills to be read on three several
3-11 days in each house be suspended, and this rule is hereby suspended,
3-12 and that this Act take effect and be in force from and after its
3-13 passage, and it is so enacted.