By:  Wentworth                                        S.B. No. 1793

                                A BILL TO BE ENTITLED

                                       AN ACT

 1-1     relating to the power and authority of the Upper Guadalupe River

 1-2     Authority to borrow money for any corporate purpose or combination

 1-3     of corporate purposes.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Chapter 5, page 1062, Special Laws, Acts of the

 1-6     46th Legislature, 1939 (Article 8280-124, Vernon's Texas Civil

 1-7     Statutes), is amended by adding Section 10(c) to read as follows:

 1-8           Sec. 10(c).  (a)  The Authority may borrow money for any

 1-9     corporate purpose or combination of corporate purposes pursuant to

1-10     the methods and procedures specifically provided by this chapter or

1-11     by general law.

1-12           (b)  The board of directors, without the necessity of an

1-13     election, may borrow money on negotiable notes of the Authority to

1-14     be paid solely from the revenues of the Authority derived from the

1-15     ownership of all or any designated part of the Authority's works,

1-16     plant, improvements, facilities, equipment, or water rights after

1-17     deduction of the reasonable cost of maintaining and operating the

1-18     facilities.

1-19           (c)  The notes may mature over a term of not more than 20

1-20     years and bear interest at a rate of not more than 10 percent.

1-21           (d)  The notes may be first or subordinate lien notes within

1-22     the discretion of the board of directors, but no obligation may

1-23     ever be a charge on the property of the Authority or on the taxes

 2-1     levied or collected by the Authority, but shall be a charge on the

 2-2     revenues pledged for the payment of the obligation.  No part of the

 2-3     obligation may ever be paid from the taxes levied or collected by

 2-4     the Authority.

 2-5           (e)  As the Authority is a special water authority, Section

 2-6     49.153, Water Code, does not apply to any revenue note issued by

 2-7     the Authority.

 2-8           SECTION 2.  Proof of publication of the constitutional notice

 2-9     required in the enactment of this Act under the provisions of

2-10     Section 59(d), Article XVI, Texas Constitution, and the statutory

2-11     notice required by Chapter 313, Government Code, have been made in

2-12     the manner provided therein and a copy of the notice and bill as

2-13     originally introduced have been delivered to the governor of the

2-14     State of Texas, as required in such constitutional provision, and

2-15     to all other persons, agencies, officials, or entities required to

2-16     be furnished by the constitution and other laws of the state, and

2-17     that notice and delivery are found and declared to be proper and

2-18     sufficient to satisfy those requirements.  The Texas Natural

2-19     Resource Conservation Commission has filed its recommendations

2-20     relating to this Act with the governor, lieutenant governor, and

2-21     speaker of the house of representatives within the required time.

2-22     All other procedural requirements for the notice, introduction, and

2-23     passage of this Act have been fulfilled and accomplished.

2-24           SECTION 3.  The importance of this legislation and the

2-25     crowded condition of the calendars in both houses create an

 3-1     emergency and an imperative public necessity that the

 3-2     constitutional rule requiring bills to be read on three several

 3-3     days in each house be suspended, and this rule is hereby suspended,

 3-4     and that this Act take effect and be in force from and after its

 3-5     passage, and it is so enacted.