SRC-JBJ H.B. 3064 77(R)   BILL ANALYSIS


Senate Research Center   H.B. 3064
77R11200 JRD-DBy: Junell (Ellis, Rodney)
Finance
5/6/2001
Engrossed


DIGEST AND PURPOSE 

H.B. 3064 sets forth provisions for the authorization of the Texas Public
Finance Authority to issue and sell general obligation bonds, the proceeds
from which would be used to pay for construction and repair projects
administered by certain state agencies, upon voter approval of a certain
constitutional amendment.  

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a
state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Chapter 1232C, Government Code, by adding Section
1232.1115, as follows: 

Sec. 1232.1115.  CERTAIN CONSTRUCTION AND REPAIR PROJECTS; GENERAL
OBLIGATION BONDS.  (a)  Provides that the Texas Public Finance Authority
(authority) has the exclusive power to issue general obligation bonds under
Section 50-f, Article III, Texas Constitution.  Requires the board of
directors of the authority 
(board) to issue the bonds in a cumulative amount not to exceed $800
million for construction or repair projects in or outside Travis County
that are administered by or on behalf of a state agency listed in Section
50-f, Article III, Texas Constitution, and authorized by the legislature in
accordance with Section 1232.108. 
 
(b)  Requires the board to provide for, issue, and sell the bonds in
accordance with Section 50-f, Article III, Texas Constitution, and this
chapter.  Requires proceeds from the sale of the bonds to be invested as
provided by this chapter. 
 
(c)  Authorizes proceeds from the sale of the bonds to be spent on an
authorized project only in accordance with the legislative appropriation of
the proceeds. 
 
SECTION 2.  Provides that this Act takes effect on the date on which the
constitutional amendment proposed by the 77th Legislature at its regular
session authorizing the issuance of general obligation bonds in an amount
not to exceed $800 million for construction and repair projects takes
effect. Provides that if that amendment is not approved by the voters, this
Act has no effect.