LEGISLATIVE BUDGET BOARD
                          Austin, Texas

                           FISCAL NOTE
                       74th Regular Session

                          March 27, 1995



 TO:     Honorable Kenny Marchant, Chair        IN RE:  House Bill No. 1851
         Committee on Financial Institutions            By: Marchant
         House of Representatives
         Austin, Texas






FROM: John Keel, Director

In response to your request for a Fiscal Note on House Bill No.
1851 (relating to issuance of tax and revenue anticipation notes
by the Texas Public Finance Authority) this office has determined
the following:

The bill would transfer the authority to issue tax and revenue
anticipation notes from the State Treasurer to the Texas Public
Finance Authority (TPFA).  The bill would require TPFA to submit
to the cash management committee a general revenue cash flow
shortfall forecast prepared by the treasurer and based on the
Comptroller of Public Accounts's most recent anticipated revenue
estimate.


The fiscal implication to  the State or units of local government
cannot be determined.


Source:   Bond Review Board, Texas Public Finance Authority
          LBB Staff: JK, LP, RR