By Lucio, et al.                                      S.B. No. 1296
         77R9107 T                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the issuance of general obligation securities to
 1-3     provide financial assistance to counties for roadway projects for
 1-4     colonias.
 1-6           SECTION 1. Chapter 1401, Government Code is amended by adding
 1-7     section 1401.0411 to read as follows:
 1-8           Sec. 1401.0411.  General Obligation Securities for Colonia
 1-9     Roadway Projects. (a)  As provided by Section 49-1, Article III,
1-10     Texas Constitution, the Authority is authorized to issue general
1-11     obligation public securities in an amount not to exceed $175
1-12     million, and enter into related credit agreements, to provide
1-13     financial assistance to counties for roadway improvement projects
1-14     to serve colonias.
1-15           (b)  The Authority shall issue the securities to provide
1-16     financial assistance to counties in accordance with a request for
1-17     financing from the Office of the Governor.  The counties that are
1-18     to receive financial assistance, the projects, and the amount of
1-19     such assistance shall be approved by the Office of the Governor in
1-20     accordance with administrative procedures established by that
1-21     Office.
1-22           (c)  The issuance of public securities under this section
1-23     shall be in accordance with and subject to Chapters 1201-1207,
1-24     1231, 1232, and 1371.
 2-1           SECTION 2.  This Act takes effect immediately if it receives
 2-2     a vote of two-thirds of all the members elected to each house, as
 2-3     provided by Section 39, Article III, Texas Constitution.  If this
 2-4     Act does not receive the vote necessary for immediate effect, this
 2-5     Act takes effect September 1, 2001.