BILL ANALYSIS



H.B. 1587
By: Marchant
03-13-95
Committee Report (Unamended)


BACKGROUND

HB 1587 would recodify the Texas Public Finance Authority Act of
1983.  There are no substantive changes to current law in the bill. 
  The bill reorganizes the provisions which apply to general
obligation bonds and to revenue bonds to locate them in one place
in statutes.  Also, Articles 601d and 601d-1 are now combined into
one Article, 601d.

PURPOSE

As proposed, HB 1587 would recodify the Texas Public Finance
Authority Act and make necessary changes to provide for the
implementation of the Act.

RULEMAKING AUTHORITY

It is the committee's opinion that this bill does not expressly
grant any additional rulemaking authority to a state officer,
department, agency or institution.

SECTION BY SECTION ANALYSIS

SECTION 1. Amends the Texas Public Finance Authority Act (Article
601d, Vernon's Texas Civil Statutes).  This Section contains one
change to current law which is in Subsection 17.

           Sec. 17  Provides for the rededication of the State
Lease Fund, a dedicated fund in the State Treasury which is used
for the repayment of services.  Rededicating this fund is not a
change to current law but rather a clarification of the law.

SECTION 2. Validates the Texas Public Finance Authority Act of
1983.

SECTION 3. Validates the Texas Public Finance Authority Act of
1983.

SECTION 4. Repeals Sections 1-10, Chapter 696, Acts of the 70th
Legislature, Regular Session, 1987.

SECTION 5. Effective date.

SECTION 6. Emergency clause.

SUMMARY OF COMMITTEE ACTION

The committee convened in a public hearing on March 13 to consider
HB 1587.  The following person testified neutrally on the bill: 
Anne L. Schwartz.  The motion to report HB 1587 favorably without
amendments with the recommendation that it do pass and be printed
prevailed by the following record vote:  9 Ayes, 0 Nays, 0 PNV, 0
Absent.