HBA-EDN H.B. 3064 77(R)BILL ANALYSIS


Office of House Bill AnalysisH.B. 3064
By: Junell
Financial Institutions
7/18/2001
Enrolled



BACKGROUND AND PURPOSE 

This enabling legislation and its resolution authorize the Texas Public
Finance Authority to issue and sell general obligation bonds, proceeds from
which would be used to pay for construction and repair projects
administered by certain state agencies and for the purchase of needed
equipment by or on behalf of those state agencies.  House Bill 3064
provides for the issuance of these bonds upon voter approval of the
constitutional amendment. 

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this bill does
not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

ANALYSIS

House Bill 3064 amends the Government Code to provide that the Texas Public
Finance Authority  has the exclusive power to issue general obligation
bonds.  The bill requires the board of directors of the authority to issue
the bonds in a cumulative amount not to exceed $850 million, as authorized
by the legislature under the General Appropriations Act or other law, for
construction or repair projects in or outside Travis County that are
administered by or on behalf of the General Services Commission, the Texas
Youth Commission, the Texas Department of Criminal Justice, the Texas
Department of Mental Health and Mental Retardation, the Parks and Wildlife
Department, the adjutant general's department, the Texas School for the
Deaf, the Department of Agriculture, the Department of Public Safety, the
State Preservation Board, the Texas Department of Health, the Texas
Historical Commission, or the Texas School for the Blind and Visually
Impaired or the purchase of needed equipment by or on behalf of a state
agency listed above.  The bill requires the board to provide for, issue,
and sell the bonds, proceeds from which may be spent only in accordance
with the legislative appropriation of the proceeds.     

EFFECTIVE DATE

This Act takes effect on the date on which the constitutional amendment
authorizing the issuance of general obligation bonds in an amount not to
exceed $850 million for construction and repair projects and for the
purchase of needed equipment takes effect.  If that amendment is not
approved by the voters, this Act has no effect.