1-1     By:  Averitt (Senate Sponsor - Sibley)                H.B. No. 1879
 1-2           (In the Senate - Received from the House April 16, 1999;
 1-3     April 19, 1999, read first time and referred to Committee on
 1-4     Finance; May 10, 1999, reported favorably by the following vote:
 1-5     Yeas 10, Nays 0; May 10, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the procedure for the pricing and sale of bonds and for
 1-9     the negotiation of contracts related to the issuance of obligations
1-10     by the Texas Public Finance Authority, the use of bond proceeds,
1-11     and the maximum amount of outstanding bonds.
1-12           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-13           SECTION 1.  Section 6, Texas Public Finance Authority Act
1-14     (Article 601d, Vernon's Texas Civil Statutes), is amended by adding
1-15     Subsection (d) to read as follows:
1-16           (d)  A subcommittee of the board, appointed by the board
1-17     pursuant to Section 3, Chapter 656, Acts of the 68th Legislature,
1-18     Regular Session, 1983 (Article 717q, Vernon's Texas Civil
1-19     Statutes), is not subject to Chapter 551, Government Code, when it
1-20     is acting to price and sell the obligations of the authority in
1-21     accordance with parameters for the issuance established by the
1-22     board.
1-23           SECTION 2.  Section 23(b), Texas Public Finance Authority Act
1-24     (Article 601d, Vernon's Texas Civil Statutes), is amended to read
1-25     as follows:
1-26           (b)  The process of acquiring or constructing a building or
1-27     purchasing or leasing equipment may begin after:
1-28                 (1)  the authority has certified that bonds or
1-29     obligations in an amount sufficient to pay the construction or
1-30     purchase price of the project have been authorized for issuance by
1-31     the authority and approved by the Bond Review Board [under an
1-32     interim construction finance agreement established by the authority
1-33     in accordance with Chapter 656, Acts of the 68th Legislature,
1-34     Regular Session, 1983 (Article 717q, Vernon's Texas Civil
1-35     Statutes), and its subsequent amendments]; or
1-36                 (2)  the proceeds have been deposited into the state
1-37     treasury, the comptroller of public accounts has certified that the
1-38     proceeds are available, the reserve funds and capitalized interest,
1-39     as certified by the authority as reasonably required, have been
1-40     paid, and the costs of issuing the bonds or obligations have been
1-41     paid after receiving a certificate from the authority specifying
1-42     those costs.
1-43           SECTION 3.  Section 6, Chapter 696, Acts of the 70th
1-44     Legislature, Regular Session, 1987 (Article 601d-1, Vernon's Texas
1-45     Civil Statutes), is repealed.
1-46           SECTION 4.  Section 21, Texas Public Finance Authority Act
1-47     (Article 601d, Vernon's Texas Civil Statutes), is amended to read
1-48     as follows:
1-49           Sec. 21.  OTHER POWERS.  The board may:
1-50                 (1)  exercise, to the extent practicable, all powers
1-51     given to a corporation under the general laws of the state;
1-52                 (2)  have perpetual succession by its corporate name;
1-53                 (3)  sue and be sued in its corporate name;
1-54                 (4)  adopt a seal and use it as the board considers
1-55     appropriate;
1-56                 (5)  accept gifts and donations; [and]
1-57                 (6)  adopt rules and perform all functions reasonably
1-58     necessary for the board to administer its functions prescribed by
1-59     this Act; and
1-60                 (7)  delegate authority to negotiate contracts required
1-61     for issuance of obligations to one or more of its employees or
1-62     members.  The negotiation of such contracts, including oral
1-63     discussions with contractors, shall not be considered to constitute
1-64     a meeting or a deliberation.
 2-1           SECTION 5.  The importance of this legislation and the
 2-2     crowded condition of the calendars in both houses create an
 2-3     emergency and an imperative public necessity that the
 2-4     constitutional rule requiring bills to be read on three several
 2-5     days in each house be suspended, and this rule is hereby suspended,
 2-6     and that this Act take effect and be in force from and after its
 2-7     passage, and it is so enacted.
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