1-1 By: Wentworth S.B. No. 1793 1-2 (In the Senate - Filed March 14, 1997; March 24, 1997, read 1-3 first time and referred to Committee on Natural Resources; 1-4 April 10, 1997, reported favorably by the following vote: Yeas 10, 1-5 Nays 0; April 10, 1997, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to the power and authority of the Upper Guadalupe River 1-9 Authority to borrow money for any corporate purpose or combination 1-10 of corporate purposes. 1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-12 SECTION 1. Chapter 5, page 1062, Special Laws, Acts of the 1-13 46th Legislature, 1939 (Article 8280-124, Vernon's Texas Civil 1-14 Statutes), is amended by adding Section 10(c) to read as follows: 1-15 Sec. 10(c). (a) The Authority may borrow money for any 1-16 corporate purpose or combination of corporate purposes pursuant to 1-17 the methods and procedures specifically provided by this chapter or 1-18 by general law. 1-19 (b) The board of directors, without the necessity of an 1-20 election, may borrow money on negotiable notes of the Authority to 1-21 be paid solely from the revenues of the Authority derived from the 1-22 ownership of all or any designated part of the Authority's works, 1-23 plant, improvements, facilities, equipment, or water rights after 1-24 deduction of the reasonable cost of maintaining and operating the 1-25 facilities. 1-26 (c) The notes may mature over a term of not more than 20 1-27 years and bear interest at a rate of not more than 10 percent. 1-28 (d) The notes may be first or subordinate lien notes within 1-29 the discretion of the board of directors, but no obligation may 1-30 ever be a charge on the property of the Authority or on the taxes 1-31 levied or collected by the Authority, but shall be a charge on the 1-32 revenues pledged for the payment of the obligation. No part of the 1-33 obligation may ever be paid from the taxes levied or collected by 1-34 the Authority. 1-35 (e) As the Authority is a special water authority, Section 1-36 49.153, Water Code, does not apply to any revenue note issued by 1-37 the Authority. 1-38 SECTION 2. Proof of publication of the constitutional notice 1-39 required in the enactment of this Act under the provisions of 1-40 Section 59(d), Article XVI, Texas Constitution, and the statutory 1-41 notice required by Chapter 313, Government Code, have been made in 1-42 the manner provided therein and a copy of the notice and bill as 1-43 originally introduced have been delivered to the governor of the 1-44 State of Texas, as required in such constitutional provision, and 1-45 to all other persons, agencies, officials, or entities required to 1-46 be furnished by the constitution and other laws of the state, and 1-47 that notice and delivery are found and declared to be proper and 1-48 sufficient to satisfy those requirements. The Texas Natural 1-49 Resource Conservation Commission has filed its recommendations 1-50 relating to this Act with the governor, lieutenant governor, and 1-51 speaker of the house of representatives within the required time. 1-52 All other procedural requirements for the notice, introduction, and 1-53 passage of this Act have been fulfilled and accomplished. 1-54 SECTION 3. The importance of this legislation and the 1-55 crowded condition of the calendars in both houses create an 1-56 emergency and an imperative public necessity that the 1-57 constitutional rule requiring bills to be read on three several 1-58 days in each house be suspended, and this rule is hereby suspended, 1-59 and that this Act take effect and be in force from and after its 1-60 passage, and it is so enacted. 1-61 * * * * *