By Averitt                                            H.B. No. 1879
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the procedure for the pricing and sale of bonds and for
 1-3     the negotiation of contracts related to the issuance of obligations
 1-4     by the Texas Public Finance Authority, the use of bond proceeds,
 1-5     and the maximum amount of outstanding bonds.
 1-6           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-7           SECTION 1.  Section 6, Texas Public Finance Authority Act
 1-8     (Article 601d, Vernon's Texas Civil Statutes), is amended by adding
 1-9     Subsection (d) to read as follows:
1-10           (d)  A subcommittee of the board, appointed by the board
1-11     pursuant to Section 3, Chapter 656, Acts of the 68th Legislature,
1-12     Regular Session, 1983 (Article 717q, Vernon's Texas Civil
1-13     Statutes), is not subject to Chapter 551, Government Code, when it
1-14     is acting to price and sell the obligations of the authority in
1-15     accordance with parameters for the issuance established by the
1-16     board.
1-17           SECTION 2.  Section 23(b), Texas Public Finance Authority Act
1-18     (Article 601d, Vernon's Texas Civil Statutes), is amended to read
1-19     as follows:
1-20           (b)  The process of acquiring or constructing a building or
1-21     purchasing or leasing equipment may begin after:
1-22                 (1)  the authority has certified that bonds or
1-23     obligations in an amount sufficient to pay the construction or
1-24     purchase price of the project have been authorized for issuance by
 2-1     the authority and approved by the Bond Review Board [under an
 2-2     interim construction finance agreement established by the authority
 2-3     in accordance with Chapter 656, Acts of the 68th Legislature,
 2-4     Regular Session, 1983 (Article 717q, Vernon's Texas Civil
 2-5     Statutes), and its subsequent amendments]; or
 2-6                 (2)  the proceeds have been deposited into the state
 2-7     treasury, the comptroller of public accounts has certified that the
 2-8     proceeds are available, the reserve funds and capitalized interest,
 2-9     as certified by the authority as reasonably required, have been
2-10     paid, and the costs of issuing the bonds or obligations have been
2-11     paid after receiving a certificate from the authority specifying
2-12     those costs.
2-13           SECTION 3.  Section 6, Chapter 696, Acts of the 70th
2-14     Legislature, Regular Session, 1987 (Article 601d-1, Vernon's Texas
2-15     Civil Statutes), is repealed.
2-16           SECTION 4.  Section 21, Texas Public Finance Authority Act
2-17     (Article 601d, Vernon's Texas Civil Statutes), is amended to read
2-18     as follows:
2-19           Sec. 21.  OTHER POWERS.  The board may:
2-20                 (1)  exercise, to the extent practicable, all powers
2-21     given to a corporation under the general laws of the state;
2-22                 (2)  have perpetual succession by its corporate name;
2-23                 (3)  sue and be sued in its corporate name;
2-24                 (4)  adopt a seal and use it as the board considers
2-25     appropriate;
2-26                 (5)  accept gifts and donations; [and]
2-27                 (6)  adopt rules and perform all functions reasonably
 3-1     necessary for the board to administer its functions prescribed by
 3-2     this Act; and
 3-3                 (7)  delegate authority to negotiate contracts required
 3-4     for issuance of obligations to one or more of its employees or
 3-5     members.  The negotiation of such contracts, including oral
 3-6     discussions with contractors, shall not be considered to constitute
 3-7     a meeting or a deliberation.
 3-8           SECTION 5.  The importance of this legislation and the
 3-9     crowded condition of the calendars in both houses create an
3-10     emergency and an imperative public necessity that the
3-11     constitutional rule requiring bills to be read on three several
3-12     days in each house be suspended, and this rule is hereby suspended,
3-13     and that this Act take effect and be in force from and after its
3-14     passage, and it is so enacted.