By: Madla S.B. No. 1646
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the ability of a public housing authority to sponsor a
1-2 public facility corporation.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 1.003, Public Facility Corporation Act
1-5 (Article 717s, Revised Statutes), is amended to read as follows:
1-6 Sec. 1.003. DEFINITIONS. In this article:
1-7 (1) "Board of directors" means the board of directors
1-8 of a corporation.
1-9 (2) "Bonds" means bonds, notes, interim certificates,
1-10 or other evidences of indebtedness of a corporation issued or
1-11 incurred under this article.
1-12 (3) "City" means any municipality existing under the
1-13 laws of this state.
1-14 (4) "Corporation" means any public facility
1-15 corporation created and existing under this article.
1-16 (5) "Cost of issuance" means all costs relating to the
1-17 issuance or incurrence of bonds by a corporation and the purchase
1-18 of sponsor obligations by a corporation. The term includes the
1-19 cost of financing charges and interest on the bonds; the cost of
1-20 financing, legal, accounting, financial advisory, and appraisal
1-21 fees, expenses, and disbursements; the cost of any policy or
1-22 policies of insurance; the cost of printing, engraving, and
1-23 reproduction services; the cost of the initial and acceptance fees
1-24 of any trustee, paying agent, bond registrar, and authenticating
2-1 agent; the cost of any credit agreement; and reasonable sums to
2-2 reimburse the corporation for time spent by its agents or employees
2-3 with respect to the issuance, incurrence, or purchase.
2-4 (6) "County" means a political subdivision of this
2-5 state that is created pursuant to Article IX, Section 1, of the
2-6 Texas Constitution or a county created pursuant to other law.
2-7 (7) "Credit agreement" means any loan agreement,
2-8 revolving credit agreement, agreement establishing a line of
2-9 credit, letter of credit, reimbursement agreement, insurance
2-10 contract, commitments to purchase bonds or sponsor obligations,
2-11 purchase or sale agreements, or commitments or other contracts or
2-12 agreements authorized and approved by the board of directors of a
2-13 corporation in connection with the authorization, issuance,
2-14 incurrence, sale, security, exchange, payment, purchase, or
2-15 redemption of bonds or interest on bonds.
2-16 (8) "Director" means any member of a board of
2-17 directors.
2-18 (9) "Housing authority" means a public corporation
2-19 that is created under Chapter 392, Local Government Code.
2-20 (10) "Public facility" means any real, personal, or
2-21 mixed property, or any interest in property owned or to be owned by
2-22 a sponsor, devoted or to be devoted to public use, and authorized
2-23 to be financed, refinanced, or provided by sponsor obligations.
2-24 (11) <(10)> "Resolution" means any resolution, order,
2-25 ordinance, or other official action by the governing body of a
2-26 sponsor.
2-27 (12) <(11)> "School district" means a political
3-1 subdivision of this state that is created pursuant to Article VII,
3-2 Section 3, of the Texas Constitution.
3-3 (13) <(12)> "Special district" means any district that
3-4 is created pursuant to Article III, Section 52, or Article XVI,
3-5 Section 59, of the Texas Constitution or is a hospital district or
3-6 authority or is a junior college as defined in Chapter 130,
3-7 Education Code.
3-8 (14) <(13)> "Sponsor" means any city, county, school
3-9 district, housing authority, or special district that causes a
3-10 corporation to be created to act in accordance with this article.
3-11 (15) <(14)> "Sponsor obligation" means any evidence of
3-12 indebtedness or obligation that a sponsor issues or incurs to
3-13 finance, refinance, or provide a public facility, including bonds,
3-14 notes, warrants, certificates of obligation, leases, and contracts
3-15 authorized by Part 4 of this article.
3-16 SECTION 2. Section 3.021, Public Facility Corporation Act
3-17 (Article 717s, Revised Statutes), is amended by adding Subsection
3-18 (j) to read as follows:
3-19 (j) A nonprofit corporation created by a housing authority
3-20 under the Texas Non-Profit Corporation Act (Article 1396-1.01 et
3-21 seq., Vernon's Texas Civil Statutes) is considered also to be a
3-22 corporation under this article and shall have the same rights and
3-23 powers necessary or convenient to accomplish a corporation's
3-24 purposes under this article.
3-25 SECTION 3. Section 4.044, Public Facility Corporation Act
3-26 (Article 717s, Revised Statutes), is amended by adding Subsection
3-27 (d) to read as follows:
4-1 (d) A corporation may issue or incur bonds to refund
4-2 outstanding debt obligations of a nonprofit corporation created by
4-3 a housing authority under the Texas Non-Profit Corporation Act
4-4 (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes).
4-5 SECTION 4. The importance of this legislation and the
4-6 crowded condition of the calendars in both houses create an
4-7 emergency and an imperative public necessity that the
4-8 constitutional rule requiring bills to be read on three several
4-9 days in each house be suspended, and this rule is hereby suspended,
4-10 and that this Act take effect and be in force from and after its
4-11 passage, and it is so enacted.