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.
2-8 * * * * *