1-1     By:  Junell (Senate Sponsor - Ellis)                  H.B. No. 3064
 1-2           (In the Senate - Received from the House May 3, 2001;
 1-3     May 4, 2001, read first time and referred to Committee on Finance;
 1-4     May 9, 2001, reported adversely, with favorable Committee
 1-5     Substitute by the following vote:  Yeas 11, Nays 0; May 9, 2001,
 1-6     sent to printer.)
 1-7     COMMITTEE SUBSTITUTE FOR H.B. No. 3064                   By:  Ellis
 1-8                            A BILL TO BE ENTITLED
 1-9                                   AN ACT
1-10     relating to the issuance of general obligation bonds by the Texas
1-11     Public Finance Authority for certain construction and repair
1-12     projects and equipment purchases.
1-13           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-14           SECTION 1. Subchapter C, Chapter 1232, Government Code, is
1-15     amended by adding Section 1232.1115 to read as follows:
1-16           Sec. 1232.1115.  CERTAIN CONSTRUCTION AND REPAIR PROJECTS AND
1-17     EQUIPMENT PURCHASES; GENERAL OBLIGATION BONDS. (a)  The authority
1-18     has the exclusive power to issue general obligation bonds under
1-19     Section 50-f, Article III, Texas Constitution. The board shall
1-20     issue the bonds in a cumulative amount not to exceed $850 million
1-21     for:
1-22                 (1)  construction or repair projects in or outside
1-23     Travis County that are administered by or on behalf of a state
1-24     agency listed in Section 50-f, Article III, Texas Constitution, and
1-25     authorized by the legislature in accordance with Section 1232.108;
1-26     or
1-27                 (2)  the purchase of needed equipment by or on behalf
1-28     of such an agency, and authorized by the legislature by the General
1-29     Appropriations Act or other law.
1-30           (b)  The board shall provide for, issue, and sell the bonds
1-31     in accordance with Section 50-f, Article III, Texas Constitution,
1-32     and this chapter.  Proceeds from the sale of the bonds shall be
1-33     invested as provided by this chapter.
1-34           (c)  Proceeds from the sale of the bonds may be spent on an
1-35     authorized project or for the purchase of needed equipment only in
1-36     accordance with the legislative appropriation of the proceeds.
1-37           SECTION 2. This Act takes effect on the date on which the
1-38     constitutional amendment proposed by the 77th Legislature at its
1-39     regular session authorizing the issuance of general obligation
1-40     bonds in an amount not to exceed $850 million for construction and
1-41     repair projects and for the purchase of needed equipment takes
1-42     effect.  If that amendment is not approved by the voters, this Act
1-43     has no effect.
1-44                                  * * * * *