By Romo                                               H.B. No. 1320
       74R3936 RJA-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to unissued general obligation and revenue bonds of the
    1-3  state.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Chapter 626, Acts of the 70th Legislature,
    1-6  Regular Session, 1987 (Article 601d-2, Vernon's Texas Civil
    1-7  Statutes), is repealed.
    1-8        SECTION 2.  Section 465.022(a), Government Code, is amended
    1-9  to read as follows:
   1-10        (a)  The commission may issue, sell, and deliver general
   1-11  obligation bonds of the state and may issue, sell, and deliver or
   1-12  cause any financing corporation to issue, sell, and deliver revenue
   1-13  bonds.  The proceeds of the bonds may be used to carry out eligible
   1-14  undertakings, to make loans to fund or otherwise fund eligible
   1-15  undertakings carried out by others, to pay the cost of interest on
   1-16  any bonds for the period specified in the resolution authorizing
   1-17  the bonds, to fund required reserves relating to any bonds, and to
   1-18  pay the costs of issuance of any bonds and the administration of
   1-19  the proceeds.  The principal amount of general obligation bonds
   1-20  authorized by this section may not exceed $500 million and the
   1-21  principal amount of revenue bonds authorized by this section, which
   1-22  are payable from money appropriated to the commission by the
   1-23  legislature for that purpose or which are payable from or secured
   1-24  by rents, installment payments, or other payments or revenues
    2-1  appropriated from time to time by the legislature for the payment
    2-2  of lease, contract, or other obligations of the commission, may not
    2-3  exceed $250 <$500> million.
    2-4        SECTION 3.  (a)  Section 465.022(a), Government Code, is
    2-5  amended to read as follows:
    2-6        (a)  The commission may issue, sell, and deliver general
    2-7  obligation bonds of the state and may issue, sell, and deliver or
    2-8  cause any financing corporation to issue, sell, and deliver revenue
    2-9  bonds.  The proceeds of the bonds may be used to carry out eligible
   2-10  undertakings, to make loans to fund or otherwise fund eligible
   2-11  undertakings carried out by others, to pay the cost of interest on
   2-12  any bonds for the period specified in the resolution authorizing
   2-13  the bonds, to fund required reserves relating to any bonds, and to
   2-14  pay the costs of issuance of any bonds and the administration of
   2-15  the proceeds.  The principal amount of general obligation bonds
   2-16  authorized by this section may not exceed $250 <$500> million and
   2-17  the principal amount of revenue bonds authorized by this section,
   2-18  which are payable from money appropriated to the commission by the
   2-19  legislature for that purpose or which are payable from or secured
   2-20  by rents, installment payments, or other payments or revenues
   2-21  appropriated from time to time by the legislature for the payment
   2-22  of lease, contract, or other obligations of the commission, may not
   2-23  exceed $250 <$500> million.
   2-24        (b)  This section takes effect on the date on which the
   2-25  constitutional amendment proposed by the 74th Legislature, Regular
   2-26  Session, 1995, reducing the amount of authorized general obligation
   2-27  bonds for the superconducting super collider research facility
    3-1  takes effect.  If that amendment is not approved by the voters,
    3-2  this section has no effect.
    3-3        SECTION 4.  Chapter 1078, Acts of the 70th Legislature,
    3-4  Regular Session, 1987 (Article 717k-7, Vernon's Texas Civil
    3-5  Statutes), is amended by adding Section 7C to read as follows:
    3-6        Sec. 7C.  REVIEW OF UNISSUED STATE BONDS; REPORT.  (a)  The
    3-7  board shall review authorized but unissued state general obligation
    3-8  and revenue bonds.
    3-9        (b)  Not later than October 31 of each even-numbered year,
   3-10  the board shall submit a report to the legislature that recommends
   3-11  whether any general obligation or revenue bond authorization should
   3-12  be revoked.
   3-13        SECTION 5.  Except as provided by Section 3(b) of this Act,
   3-14  this Act takes effect September 1, 1995.
   3-15        SECTION 6.  The importance of this legislation and the
   3-16  crowded condition of the calendars in both houses create an
   3-17  emergency and an imperative public necessity that the
   3-18  constitutional rule requiring bills to be read on three several
   3-19  days in each house be suspended, and this rule is hereby suspended.