LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session April 19, 1995 TO: Honorable John T. Montford, Chair IN RE: Senate BillNo. 1260 Committee on Finance By: Montford Senate Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on Senate Bill No. 1260 (Relating to the consolidation of the general obligation bonding authority for the farm and ranch finance program fund with the general obligation bonding authority for the Texas agricultural fund and the rural microenterprise development fund within the Texas Agricultural Finance Authority.) this office has determined the following: The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill. The bill would consolidate general obligation bond debt authority under the Texas Agricultural Finance Authority in the Department of Agriculture. General obligation bond debt authority would be consolidated for the farm and ranch program fund, the Texas agricultural fund, and the rural microenterprise development fund. The bill would move the administration of the farm and ranch program fund from the Veterans Land Board to the board of directors of the Texas Agricultural Finance Authority. The bill would also amend provisions relating to the investment authority of the farm and ranch fund. The bill would take effect only if a proposed constitutional amendment relating to the consolidation of general obligation bonding authority for certain agricultural funds is approved by the voters. No significant fiscal implication to the State or units of local government is anticipated. Source: Department of Agriculture LBB Staff: JK, JH, DF