SRC-AAA S.B. 1741 75(R) BILL ANALYSIS Senate Research Center S.B. 1741 By: Armbrister Finance 4-13-97 As Filed DIGEST Currently, the Parks and Wildlife Department (department) has a backlog of maintenance and repair infrastructure items which must be addressed. The current bond authority does not allow the department to address infrastructure repair needs. This bill would increase the amount of sporting good sales tax to the capital account from $1 million annually to $46 million annually and authorizes the department to issue $60 million in revenue bonds to address infrastructure repair needs. PURPOSE As proposed, S.B. 1741 increases the amount of sporting goods sales tax to the Parks and Wildlife Department capital account from $1 million to $46 million annually and authorizes the department to issue $60 million in revenue bonds to address infrastructure repair needs. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 11.035(b), Parks and Wildlife Code, to require the Parks and Wildlife Department (department) to deposit to the credit of the state parks account all revenue, less allowable costs received from certain sources, including, $1,125,000 per month and 40 percent of the amount greater than, rather than above, $27 million per year but not greater than $32 million per year of credits made to the department. SECTION 2. Amends Section 11.043, Parks and Wildlife Code, to provide that the Parks and Wildlife capital account consists of the amount of credits made to the department, after allocations to certain accounts and proceeds of revenue bonds issued under Section 13.0045. Deletes existing text on bonds issued in the future. Authorizes proceeds of bonds issued under Section 13.0045 to be spent on certain projects. Authorizes the comptroller, rather than the treasurer, to invest money in the account. Makes conforming changes. SECTION 3. Amends Section 13.004(a), Parks and Wildlife Code, to make conforming changes. SECTION 4. Amends Chapter 13A, Parks and Wildlife Code, by adding Section 13.0045, as follows: Sec. 13.0045. REVENUE BONDS FOR PARKS AND WILDLIFE FACILITIES. Sets forth requirements and procedures for issuing revenue bonds or other obligations to finance the repair of parks and wildlife facilities for an estimated project cost not to exceed $60 million. SECTION 5. Amends Section 24.003, Parks and Wildlife Code, to make conforming changes. SECTION 6. Amends Section 151.801(c), Tax Code, to delete Subdivision (1) regarding cigarette taxes. Deletes text regarding taxes crediting beginning September 1, 1995. Prohibits the comptroller from crediting in excess of $37 million, rather than $32 million, in sporting goods tax revenue to the department. SECTION 7. Effective date: September 1, 1997. SECTION 8. Emergency clause.