By Junell H.B. No. 3064 77R9236 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 for 1-12 construction or repair projects in or outside Travis County that 1-13 are administered by a state agency listed in Section 50-f, Article 1-14 III, and authorized by the legislature in accordance with Section 1-15 1232.108. 1-16 (b) The board shall provide for, issue, and sell the bonds 1-17 in accordance with Section 50-f, Article III, Texas Constitution, 1-18 and this chapter. Proceeds from the sale of the bonds shall be 1-19 invested as provided by this chapter. 1-20 (c) Proceeds from the sale of the bonds may be spent on an 1-21 authorized project only in accordance with the legislative 1-22 appropriation of the proceeds. 1-23 SECTION 2. This Act takes effect on the date on which the 1-24 constitutional amendment proposed by the 77th Legislature at its 2-1 regular session authorizing the issuance of general obligation 2-2 bonds in an amount not to exceed $10 million for construction and 2-3 repair projects takes effect. If that amendment is not approved by 2-4 the voters, this Act has no effect.