1-1 By: Duncan S.B. No. 827 1-2 (In the Senate - Filed February 21, 2001; February 22, 2001, 1-3 read first time and referred to Committee on Natural Resources; 1-4 February 28, 2001, reported favorably by the following vote: Yeas 1-5 6, Nays 0; February 28, 2001, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to certain anticipation notes for rural economic 1-9 development. 1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-11 SECTION 1. Chapter 1431, Government Code, is amended by 1-12 adding Section 1431.014 to read as follows: 1-13 Sec. 1431.014. CERTAIN NOTES FOR RURAL ECONOMIC DEVELOPMENT. 1-14 (a) Notwithstanding any other provision of this chapter, an issuer 1-15 participating in a rural economic development program established 1-16 by the Texas Agricultural Finance Authority may sell to the 1-17 authority an anticipation note issued for a purpose described by 1-18 Section 1431.004(a)(1), provided that the note matures before the 1-19 30th anniversary of the date the note is issued. 1-20 (b) Anticipation notes issued by a single issuer under this 1-21 section in an aggregate original principal amount of not more than 1-22 $500,000 are not subject to the approval requirements of Section 1-23 1431.011 or Chapter 1202. 1-24 (c) An issuer may issue anticipation notes under this 1-25 section for the same purpose not more than once in any 12-month 1-26 period. 1-27 SECTION 2. This Act takes effect immediately if it receives 1-28 a vote of two-thirds of all the members elected to each house, as 1-29 provided by Section 39, Article III, Texas Constitution. If this 1-30 Act does not receive the vote necessary for immediate effect, this 1-31 Act takes effect September 1, 2001. 1-32 * * * * *