By Averitt H.B. No. 1879
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
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) Except as otherwise provided by this subsection, the
1-10 Board is subject to Chapters 551 and 552 of the Texas Government
1-11 Code. The Board may hold closed meetings to deliberate a
1-12 negotiated contract that is required for the issuance of bonds or
1-13 other obligations and refuse to release information relating to
1-14 such contract if deliberation in an open meeting or disclosure of
1-15 information would have a detrimental effect on the position of the
1-16 Board in negotiations with a third person or give advantage to
1-17 bidders or competitors. A subcommittee of the Board, appointed by
1-18 the Board pursuant to Texas Civil Statutes Article 717q, section 3,
1-19 is not subject to Chapter 551 of the Government Code when it is
1-20 acting to price and sell the obligations of the Authority in
1-21 accordance with parameters for the issuance established by the
2-1 Board.
2-2 SECTION 2. Section 23(b), Texas Public Finance Authority Act
2-3 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
2-4 as follows:
2-5 (b) The process of acquiring or constructing a building or
2-6 purchasing or leasing equipment may begin after:
2-7 (1) the authority has certified that bonds or
2-8 obligations in an amount sufficient to pay the construction or
2-9 purchase price of the project have been authorized for issuance by
2-10 the authority and approved by the Texas Bond Review Board [under an
2-11 interim construction finance agreement established by the authority
2-12 in accordance with Chapter 656, Acts of the 68th Legislature,
2-13 Regular Session, 1983 (Article 717q, Vernon's Texas Civil
2-14 Statutes), and its subsequent amendments]; or
2-15 (2) the proceeds have been deposited into the state
2-16 treasury, the comptroller of public accounts has certified that the
2-17 proceeds are available, the reserve funds and capitalized interest,
2-18 as certified by the authority as reasonably required, have been
2-19 paid, and the costs of issuing the bonds or obligations have been
2-20 paid after receiving a certificate from the authority specifying
2-21 those costs.
2-22 SECTION 3. Section 6, Article 601d-1, Texas Civil Statutes
2-23 is repealed.
2-24 (For information only, the section now reads as follows:
2-25 "Sec. 6. At any one time, the combined amount of outstanding
3-1 revenue bonds and outstanding general obligation bonds issued under
3-2 this Act may not exceed $900 million.")
3-3 SECTION 4. The importance of this legislation and the
3-4 crowded condition of the calendars in both houses create an
3-5 emergency and an imperative public necessity that the
3-6 constitutional rule requiring bills to be read on three several
3-7 days in each house be suspended, and this rule is hereby suspended,
3-8 and that this Act take effect and be in force from and after its
3-9 passage and it is so enacted.