By Duncan S.B. No. 827 77R4616 BDH-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to certain anticipation notes for rural economic 1-3 development. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Chapter 1431, Government Code, is amended by 1-6 adding Section 1431.014 to read as follows: 1-7 Sec. 1431.014. CERTAIN NOTES FOR RURAL ECONOMIC DEVELOPMENT. 1-8 (a) Notwithstanding any other provision of this chapter, an issuer 1-9 participating in a rural economic development program established 1-10 by the Texas Agricultural Finance Authority may sell to the 1-11 authority an anticipation note issued for a purpose described by 1-12 Section 1431.004(a)(1), provided that the note matures before the 1-13 30th anniversary of the date the note is issued. 1-14 (b) Anticipation notes issued by a single issuer under this 1-15 section in an aggregate original principal amount of not more than 1-16 $500,000 are not subject to the approval requirements of Section 1-17 1431.011 or Chapter 1202. 1-18 (c) An issuer may issue anticipation notes under this 1-19 section for the same purpose not more than once in any 12-month 1-20 period. 1-21 SECTION 2. This Act takes effect immediately if it receives 1-22 a vote of two-thirds of all the members elected to each house, as 1-23 provided by Section 39, Article III, Texas Constitution. If this 1-24 Act does not receive the vote necessary for immediate effect, this 2-1 Act takes effect September 1, 2001.