1-1 By: Junell (Senate Sponsor - Duncan) H.B. No. 2982
1-2 (In the Senate - Received from the House May 5, 1997;
1-3 May 6, 1997, read first time and referred to Committee on
1-4 Intergovernmental Relations; May 15, 1997, reported favorably by
1-5 the following vote: Yeas 11, Nays 0; May 15, 1997, sent to
1-6 printer.)
1-7 A BILL TO BE ENTITLED
1-8 AN ACT
1-9 relating to the authority of certain counties to borrow money.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Sections 1, 2, and 3, Chapter 218, Acts of the
1-12 57th Legislature, Regular Session, 1961 (Article 1644c-1, Vernon's
1-13 Texas Civil Statutes), are amended to read as follows:
1-14 Sec. 1. All counties of this State having a population of
1-15 [more than eight thousand, three hundred (8,300) but] less than
1-16 eight thousand, six hundred (8,600) according to the last preceding
1-17 United States Census, are hereby expressly authorized and empowered
1-18 to borrow money from any source, public or private, in any amount
1-19 not to exceed the aggregate principal amount of $200,000 [One
1-20 Hundred and Sixty-five Thousand Dollars ($165,000)]. By the term
1-21 "aggregate principal amount" is meant the total of the sums so
1-22 borrowed by any county under the provisions of this Act, and not
1-23 the balance owing and due by any county at any one time.
1-24 Sec. 2. Such counties are further hereby expressly
1-25 authorized and empowered to issue time warrants and/or other
1-26 obligations of such counties in evidence of money borrowed, which
1-27 warrants or obligations may draw interest at any rate the
1-28 commissioners court determines is appropriate [not to exceed four
1-29 percent (4%) per annum], and may be payable within such time, not
1-30 to exceed ten (10) years, and on such terms as may be agreed upon
1-31 between the lending agency and the county to which the loan is
1-32 made; and such counties are further expressly authorized to levy
1-33 taxes and to pledge any taxes and/or revenues provided for such
1-34 counties, under the Constitution and Laws of this state, in payment
1-35 of such loans.
1-36 Sec. 3. The Commissioners Court of any such county
1-37 qualifying under Section 1 is empowered with authority to approve
1-38 the issuance of such warrants or obligations which may be in any
1-39 amount or amounts, providing that the total of such warrants or
1-40 obligations does not exceed $200,000 [One Hundred and Sixty-five
1-41 Thousand Dollars ($165,000)]. [No such warrants or obligations
1-42 shall be issued, sold or delivered after five years from the
1-43 effective date of this Act.]
1-44 SECTION 2. The importance of this legislation and the
1-45 crowded condition of the calendars in both houses create an
1-46 emergency and an imperative public necessity that the
1-47 constitutional rule requiring bills to be read on three several
1-48 days in each house be suspended, and this rule is hereby suspended,
1-49 and that this Act take effect and be in force from and after its
1-50 passage, and it is so enacted.
1-51 * * * * *