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2-15 Civil Statutes), is repealed.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.