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.