By Madla S.B. No. 1646
74R9234 CAG-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the ability of a public housing authority to sponsor a
1-3 public facility corporation.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 1.003, Public Facility Corporation Act
1-6 (Article 717s, Revised Statutes), is amended to read as follows:
1-7 Sec. 1.003. Definitions. In this article:
1-8 (1) "Board of directors" means the board of directors
1-9 of a corporation.
1-10 (2) "Bonds" means bonds, notes, interim certificates,
1-11 or other evidences of indebtedness of a corporation issued or
1-12 incurred under this article.
1-13 (3) "City" means any municipality existing under the
1-14 laws of this state.
1-15 (4) "Corporation" means any public facility
1-16 corporation created and existing under this article.
1-17 (5) "Cost of issuance" means all costs relating to the
1-18 issuance or incurrence of bonds by a corporation and the purchase
1-19 of sponsor obligations by a corporation. The term includes the
1-20 cost of financing charges and interest on the bonds; the cost of
1-21 financing, legal, accounting, financial advisory, and appraisal
1-22 fees, expenses, and disbursements; the cost of any policy or
1-23 policies of insurance; the cost of printing, engraving, and
1-24 reproduction services; the cost of the initial and acceptance fees
2-1 of any trustee, paying agent, bond registrar, and authenticating
2-2 agent; the cost of any credit agreement; and reasonable sums to
2-3 reimburse the corporation for time spent by its agents or employees
2-4 with respect to the issuance, incurrence, or purchase.
2-5 (6) "County" means a political subdivision of this
2-6 state that is created pursuant to Article IX, Section 1, of the
2-7 Texas Constitution or a county created pursuant to other law.
2-8 (7) "Credit agreement" means any loan agreement,
2-9 revolving credit agreement, agreement establishing a line of
2-10 credit, letter of credit, reimbursement agreement, insurance
2-11 contract, commitments to purchase bonds or sponsor obligations,
2-12 purchase or sale agreements, or commitments or other contracts or
2-13 agreements authorized and approved by the board of directors of a
2-14 corporation in connection with the authorization, issuance,
2-15 incurrence, sale, security, exchange, payment, purchase, or
2-16 redemption of bonds or interest on bonds.
2-17 (8) "Director" means any member of a board of
2-18 directors.
2-19 (9) "Housing authority" means a public corporation
2-20 that is created under Chapter 392, Local Government Code.
2-21 (10) "Public facility" means any real, personal, or
2-22 mixed property, or any interest in property owned or to be owned by
2-23 a sponsor, devoted or to be devoted to public use, and authorized
2-24 to be financed, refinanced, or provided by sponsor obligations.
2-25 (11) <(10)> "Resolution" means any resolution, order,
2-26 ordinance, or other official action by the governing body of a
2-27 sponsor.
3-1 (12) <(11)> "School district" means a political
3-2 subdivision of this state that is created pursuant to Article VII,
3-3 Section 3, of the Texas Constitution.
3-4 (13) <(12)> "Special district" means any district that
3-5 is created pursuant to Article III, Section 52, or Article XVI,
3-6 Section 59, of the Texas Constitution or is a hospital district or
3-7 authority or is a junior college as defined in Chapter 130,
3-8 Education Code.
3-9 (14) <(13)> "Sponsor" means any city, county, school
3-10 district, housing authority, or special district that causes a
3-11 corporation to be created to act in accordance with this article.
3-12 (15) <(14)> "Sponsor obligation" means any evidence of
3-13 indebtedness or obligation that a sponsor issues or incurs to
3-14 finance, refinance, or provide a public facility, including bonds,
3-15 notes, warrants, certificates of obligation, leases, and contracts
3-16 authorized by Part 4 of this article.
3-17 SECTION 2. The importance of this legislation and the
3-18 crowded condition of the calendars in both houses create an
3-19 emergency and an imperative public necessity that the
3-20 constitutional rule requiring bills to be read on three several
3-21 days in each house be suspended, and this rule is hereby suspended,
3-22 and that this Act take effect and be in force from and after its
3-23 passage, and it is so enacted.