By Averitt H.B. No. 1879
Substitute the following for H.B. No. 1879:
By Averitt C.S.H.B. No. 1879
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the pricing and sale of bonds by the Texas Public
1-3 Finance Authority, the use of bond proceeds, and the maximum amount
1-4 of outstanding bonds.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 6, Texas Public Finance Authority Act
1-7 (Article 601d, Vernon's Texas Civil Statutes), is amended by adding
1-8 new subsection (d) to read as follows:
1-9 (d) A subcommittee of the Board, appointed by the Board
1-10 pursuant to Texas Civil Statutes Article 717q, section 3, is not
1-11 subject to Chapter 551 of the Government Code when it is acting to
1-12 price and sell the obligations of the Authority in accordance with
1-13 parameters for the issuance established by the Board.
1-14 SECTION 2. Section 23(b), Texas Public Finance Authority Act
1-15 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
1-16 as follows:
1-17 (b) The process of acquiring or constructing a building or
1-18 purchasing or leasing equipment may begin after:
1-19 (1) the authority has certified that bonds or
1-20 obligations in an amount sufficient to pay the construction or
1-21 purchase price of the project have been authorized for issuance by
1-22 the authority and approved by the Texas Bond Review Board [under an
1-23 interim construction finance agreement established by the authority
1-24 in accordance with Chapter 656, Acts of the 68th Legislature,
2-1 Regular Session, 1983 (Article 717q, Vernon's Texas Civil
2-2 Statutes), and its subsequent amendments]; or
2-3 (2) the proceeds have been deposited into the state
2-4 treasury, the comptroller of public accounts has certified that the
2-5 proceeds are available, the reserve funds and capitalized interest,
2-6 as certified by the authority as reasonably required, have been
2-7 paid, and the costs of issuing the bonds or obligations have been
2-8 paid after receiving a certificate from the authority specifying
2-9 those costs.
2-10 SECTION 3. Section 6, Article 601d-1, Texas Civil Statutes
2-11 is repealed.
2-12 (For information only, the section now reads as follows:
2-13 "Sec. 6. At any one time, the combined amount of outstanding
2-14 revenue bonds and outstanding general obligation bonds issued under
2-15 this Act may not exceed $900 million.")
2-16 SECTION 4. Section 21, Texas Public Finance Authority Act,
2-17 Article 601d is amended to read as follows:
2-18 Sec. 21. The board may:
2-19 (1) exercise, to the extent practicable, all powers
2-20 given to a corporation under the general laws of the state;
2-21 (2) have perpetual succession by its corporate name;
2-22 (3) sue and be sued in its corporate name;
2-23 (4) adopt a seal and use it as the board considers
2-24 appropriate;
2-25 (5) accept gifts and donations; [and]
2-26 (6) adopt rules and perform all functions reasonably
2-27 necessary for the board to administer its functions prescribed by
3-1 this Act; and
3-2 (7) delegate authority to negotiate contracts required
3-3 for issuance of obligations to one or more of its employees or
3-4 members. The negotiation of such contracts, including oral
3-5 discussions with contractors, shall not be considered to constitute
3-6 a meeting or a deliberation.
3-7 SECTION 5. The importance of this legislation and the
3-8 crowded condition of the calendars in both houses create an
3-9 emergency and an imperative public necessity that the
3-10 constitutional rule requiring bills to be read on three several
3-11 days in each house be suspended, and this rule is hereby suspended,
3-12 and that this Act take effect and be in force from and after its
3-13 passage and it is so enacted.