By Junell                                             H.B. No. 3064
         77R11200 JRD-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the issuance of general obligation bonds by the Texas
 1-3     Public Finance Authority for certain construction and repair
 1-4     projects.
 1-5           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-6           SECTION 1. Subchapter C, Chapter 1232, Government Code, is
 1-7     amended by adding Section 1232.1115 to read as follows:
 1-8           Sec. 1232.1115.  CERTAIN CONSTRUCTION AND REPAIR PROJECTS;
 1-9     GENERAL OBLIGATION BONDS. (a)  The authority has the exclusive
1-10     power to issue general obligation bonds under Section 50-f, Article
1-11     III, Texas Constitution. The board shall issue the bonds in a
1-12     cumulative amount not to exceed $800 million for construction or
1-13     repair projects in or outside Travis County that are administered
1-14     by or on behalf of a state agency listed in Section 50-f, Article
1-15     III, Texas Constitution, and authorized by the legislature in
1-16     accordance with Section 1232.108.
1-17           (b)  The board shall provide for, issue, and sell the bonds
1-18     in accordance with Section 50-f, Article III, Texas Constitution,
1-19     and this chapter.  Proceeds from the sale of the bonds shall be
1-20     invested as provided by this chapter.
1-21           (c)  Proceeds from the sale of the bonds may be spent on an
1-22     authorized project only in accordance with the legislative
1-23     appropriation of the proceeds.
1-24           SECTION 2. This Act takes effect on the date on which the
 2-1     constitutional amendment proposed by the 77th Legislature at its
 2-2     regular session authorizing the issuance of general obligation
 2-3     bonds in an amount not to exceed $800 million for construction and
 2-4     repair projects takes effect.  If that amendment is not approved by
 2-5     the voters, this Act has no effect.