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 and equipment purchases.
 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 AND
 1-9     EQUIPMENT PURCHASES; GENERAL OBLIGATION BONDS. (a)  The authority
1-10     has the exclusive power to issue general obligation bonds under
1-11     Section 50-f, Article III, Texas Constitution. The board shall
1-12     issue the bonds in a cumulative amount not to exceed $850 million
1-13     for:
1-14                 (1)  construction or repair projects in or outside
1-15     Travis County that are administered by or on behalf of a state
1-16     agency listed in Section 50-f, Article III, Texas Constitution, and
1-17     authorized by the legislature in accordance with Section 1232.108;
1-18     or
1-19                 (2)  the purchase of needed equipment by or on behalf
1-20     of such an agency, and authorized by the legislature by the General
1-21     Appropriations Act or other law.
1-22           (b)  The board shall provide for, issue, and sell the bonds
1-23     in accordance with Section 50-f, Article III, Texas Constitution,
1-24     and this chapter.  Proceeds from the sale of the bonds shall be
 2-1     invested as provided by this chapter.
 2-2           (c)  Proceeds from the sale of the bonds may be spent on an
 2-3     authorized project or for the purchase of needed equipment only in
 2-4     accordance with the legislative appropriation of the proceeds.
 2-5           SECTION 2. This Act takes effect on the date on which the
 2-6     constitutional amendment proposed by the 77th Legislature at its
 2-7     regular session authorizing the issuance of general obligation
 2-8     bonds in an amount not to exceed $850 million for construction and
 2-9     repair projects and for the purchase of needed equipment takes
2-10     effect.  If that amendment is not approved by the voters, this Act
2-11     has no effect.
         _______________________________     _______________________________
             President of the Senate              Speaker of the House
               I certify that H.B. No. 3064 was passed by the House on May
         2, 2001, by a non-record vote; and that the House concurred in
         Senate amendments to H.B. No. 3064 on May 16, 2001, by a non-record
         vote.
                                             _______________________________
                                                 Chief Clerk of the House
               I certify that H.B. No. 3064 was passed by the Senate, with
         amendments, on May 14, 2001, by a viva-voce vote.
                                             _______________________________
                                                 Secretary of the Senate
         APPROVED:  __________________________
                              Date
                    __________________________
                            Governor