By Romo                                               H.B. No. 1321
       74R5632 RJA-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the issuance of bonds for certain state agencies by the
    1-3  Texas Public Finance Authority.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Section 9B(a), Texas Public Finance Authority Act
    1-6  (Article 601d, Vernon's Texas Civil Statutes), is amended to read
    1-7  as follows:
    1-8        (a)  With respect to all bonds authorized to be issued by the
    1-9  Texas National Guard Armory Board, Texas National Research
   1-10  Laboratory Commission, Parks and Wildlife Department, Texas
   1-11  Department of Commerce, Texas Higher Education Coordinating Board,
   1-12  Texas Agricultural Finance Authority, and all institutions of
   1-13  higher education authorized to issue bonds under Chapter 55,
   1-14  Education Code, the authority has the exclusive authority to act on
   1-15  behalf of those entities in issuing bonds on their behalf.  In
   1-16  connection with those issuances and with the issuance of refunding
   1-17  bonds on behalf of those entities, the authority is subject to all
   1-18  rights, duties, and conditions surrounding issuance previously
   1-19  applicable to the issuing entity under the statute authorizing the
   1-20  issuance.  All references in an authorizing statute to the entity
   1-21  on whose behalf the bonds are being issued apply equally to the
   1-22  authority in its capacity as issuer on behalf of the entity.
   1-23        SECTION 2.  Subchapter D, Chapter 58, Agriculture Code, is
   1-24  amended by adding Section 58.041 to read as follows:
    2-1        Sec. 58.041.  BOND ISSUANCE BY TEXAS PUBLIC FINANCE
    2-2  AUTHORITY.  The Texas Public Finance Authority shall exercise the
    2-3  board's authority provided by law to issue bonds and refunding
    2-4  bonds.  The Texas Public Finance Authority is subject to all
    2-5  rights, duties, and conditions provided by law with respect to
    2-6  issuance of bonds by the board.
    2-7        SECTION 3.  Subchapter C, Chapter 61, Education Code, is
    2-8  amended by adding Section 61.084 to read as follows:
    2-9        Sec. 61.084.  BOND ISSUANCE BY TEXAS PUBLIC FINANCE
   2-10  AUTHORITY.  (a)  The Texas Public Finance Authority shall exercise
   2-11  the board's authority provided by law to issue bonds and refunding
   2-12  bonds.  The Texas Public Finance Authority is subject to all
   2-13  rights, duties, and conditions provided by law with respect to
   2-14  issuance of bonds by the board.
   2-15        (b)  For purposes of Sections 50b, 50b-1, 50b-2, and 50b-3,
   2-16  Article III, Texas Constitution, the authority is the successor to
   2-17  the board.
   2-18        SECTION 4.  Subchapter A, Chapter 481, Government Code, is
   2-19  amended by adding Section 481.0091 to read as follows:
   2-20        Sec. 481.0091.  BOND ISSUANCE BY TEXAS PUBLIC FINANCE
   2-21  AUTHORITY.  The Texas Public Finance Authority shall exercise the
   2-22  department's authority provided by law to issue bonds and refunding
   2-23  bonds.  The Texas Public Finance Authority is subject to all
   2-24  rights, duties, and conditions provided by law with respect to
   2-25  issuance of bonds by the department.
   2-26        SECTION 5.  The importance of this legislation and the
   2-27  crowded condition of the calendars in both houses create an
    3-1  emergency and an imperative public necessity that the
    3-2  constitutional rule requiring bills to be read on three several
    3-3  days in each house be suspended, and this rule is hereby suspended.