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


Senate Research CenterC.S.H.B. 3064
77R15592 JRD-DBy: Junell (Ellis, Rodney)
Finance
5/8/2001
Committee Report (Substituted)


DIGEST AND PURPOSE 

C.S.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 AND EQUIPMENT
PURCHASES; 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 $850 million for: 

 (1) 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; or 

 (2)  the purchase of needed equipment by or on behalf of such an agency,
and authorized by the legislature by the General Appropriations Act or
other law. 

(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 or for the purchase of needed equipment 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 $850 million for construction and repair projects and for the
purchase of needed equipment takes effect.  Provides that if that amendment
is not approved by the voters, this Act has no effect.