By Junell H.B. No. 2982
75R670 DRH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the authority of certain counties to borrow money.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Sections 1, 2, and 3, Chapter 218, Acts of the
1-5 57th Legislature, Regular Session, 1961 (Article 1644c-1, Vernon's
1-6 Texas Civil Statutes), are amended to read as follows:
1-7 Sec. 1. All counties of this State having a population of
1-8 [more than eight thousand, three hundred (8,300) but] less than
1-9 eight thousand, six hundred (8,600) according to the last preceding
1-10 United States Census, are hereby expressly authorized and empowered
1-11 to borrow money from any source, public or private, in any amount
1-12 not to exceed the aggregate principal amount of $200,000 [One
1-13 Hundred and Sixty-five Thousand Dollars ($165,000)]. By the term
1-14 "aggregate principal amount" is meant the total of the sums so
1-15 borrowed by any county under the provisions of this Act, and not
1-16 the balance owing and due by any county at any one time.
1-17 Sec. 2. Such counties are further hereby expressly
1-18 authorized and empowered to issue time warrants and/or other
1-19 obligations of such counties in evidence of money borrowed, which
1-20 warrants or obligations may draw interest at any rate the
1-21 commissioners court determines is appropriate [not to exceed four
1-22 percent (4%) per annum], and may be payable within such time, not
1-23 to exceed ten (10) years, and on such terms as may be agreed upon
1-24 between the lending agency and the county to which the loan is
2-1 made; and such counties are further expressly authorized to levy
2-2 taxes and to pledge any taxes and/or revenues provided for such
2-3 counties, under the Constitution and Laws of this state, in payment
2-4 of such loans.
2-5 Sec. 3. The Commissioners Court of any such county
2-6 qualifying under Section 1 is empowered with authority to approve
2-7 the issuance of such warrants or obligations which may be in any
2-8 amount or amounts, providing that the total of such warrants or
2-9 obligations does not exceed $200,000 [One Hundred and Sixty-five
2-10 Thousand Dollars ($165,000)]. [No such warrants or obligations
2-11 shall be issued, sold or delivered after five years from the
2-12 effective date of this Act.]
2-13 SECTION 2. The importance of this legislation and the
2-14 crowded condition of the calendars in both houses create an
2-15 emergency and an imperative public necessity that the
2-16 constitutional rule requiring bills to be read on three several
2-17 days in each house be suspended, and this rule is hereby suspended,
2-18 and that this Act take effect and be in force from and after its
2-19 passage, and it is so enacted.