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1-7 Statutes), is repealed.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.