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.