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