1-1 By: Romo (Senate Sponsor - Moncrief) H.B. No. 1320
1-2 (In the Senate - Received from the House May 4, 1995;
1-3 May 5, 1995, read first time and referred to Committee on Finance;
1-4 May 16, 1995, reported favorably by the following vote: Yeas 11,
1-5 Nays 0; May 16, 1995, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to unissued general obligation and revenue bonds of the
1-9 state.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Chapter 626, Acts of the 70th Legislature,
1-12 Regular Session, 1987 (Article 601d-2, Vernon's Texas Civil
1-13 Statutes), is repealed.
1-14 SECTION 2. Section 465.022(a), Government Code, is amended
1-15 to read as follows:
1-16 (a) The commission may issue, sell, and deliver general
1-17 obligation bonds of the state and may issue, sell, and deliver or
1-18 cause any financing corporation to issue, sell, and deliver revenue
1-19 bonds. The proceeds of the bonds may be used to carry out eligible
1-20 undertakings, to make loans to fund or otherwise fund eligible
1-21 undertakings carried out by others, to pay the cost of interest on
1-22 any bonds for the period specified in the resolution authorizing
1-23 the bonds, to fund required reserves relating to any bonds, and to
1-24 pay the costs of issuance of any bonds and the administration of
1-25 the proceeds. The principal amount of general obligation bonds
1-26 authorized by this section may not exceed $500 million and the
1-27 principal amount of revenue bonds authorized by this section, which
1-28 are payable from money appropriated to the commission by the
1-29 legislature for that purpose or which are payable from or secured
1-30 by rents, installment payments, or other payments or revenues
1-31 appropriated from time to time by the legislature for the payment
1-32 of lease, contract, or other obligations of the commission, may not
1-33 exceed $250 <$500> million.
1-34 SECTION 3. (a) Section 465.022(a), Government Code, is
1-35 amended to read as follows:
1-36 (a) The commission may issue, sell, and deliver general
1-37 obligation bonds of the state and may issue, sell, and deliver or
1-38 cause any financing corporation to issue, sell, and deliver revenue
1-39 bonds. The proceeds of the bonds may be used to carry out eligible
1-40 undertakings, to make loans to fund or otherwise fund eligible
1-41 undertakings carried out by others, to pay the cost of interest on
1-42 any bonds for the period specified in the resolution authorizing
1-43 the bonds, to fund required reserves relating to any bonds, and to
1-44 pay the costs of issuance of any bonds and the administration of
1-45 the proceeds. The principal amount of general obligation bonds
1-46 authorized by this section may not exceed $250 <$500> million and
1-47 the principal amount of revenue bonds authorized by this section,
1-48 which are payable from money appropriated to the commission by the
1-49 legislature for that purpose or which are payable from or secured
1-50 by rents, installment payments, or other payments or revenues
1-51 appropriated from time to time by the legislature for the payment
1-52 of lease, contract, or other obligations of the commission, may not
1-53 exceed $250 <$500> million.
1-54 (b) This section takes effect on the date on which the
1-55 constitutional amendment proposed by the 74th Legislature, Regular
1-56 Session, 1995, reducing the amount of authorized general obligation
1-57 bonds for the superconducting super collider research facility
1-58 takes effect. If that amendment is not approved by the voters,
1-59 this section has no effect.
1-60 SECTION 4. Chapter 1078, Acts of the 70th Legislature,
1-61 Regular Session, 1987 (Article 717k-7, Vernon's Texas Civil
1-62 Statutes), is amended by adding Section 7C to read as follows:
1-63 Sec. 7C. REVIEW OF UNISSUED STATE BONDS; REPORT. (a) The
1-64 board shall review authorized but unissued state general obligation
1-65 and revenue bonds.
1-66 (b) Not later than October 31 of each even-numbered year,
1-67 the board shall submit a report to the legislature that recommends
1-68 whether any general obligation or revenue bond authorization should
2-1 be revoked.
2-2 SECTION 5. Except as provided by Section 3(b) of this Act,
2-3 this Act takes effect September 1, 1995.
2-4 SECTION 6. The importance of this legislation and the
2-5 crowded condition of the calendars in both houses create an
2-6 emergency and an imperative public necessity that the
2-7 constitutional rule requiring bills to be read on three several
2-8 days in each house be suspended, and this rule is hereby suspended.
2-9 * * * * *