LEGISLATIVE BUDGET BOARD
                              Austin, Texas
                                     
                    FISCAL NOTE, 77th Regular Session
  
                              April 7, 2001
  
  
          TO:  Honorable Florence Shapiro, Chair, Senate Committee on
               State Affairs
  
        FROM:  John Keel, Director, Legislative Budget Board
  
       IN RE:  SB988  by Duncan (Relating to commissions on certain
               negotiated bond sales.), As Introduced
  
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*  No significant fiscal implication to the State is anticipated.        *
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Local Government Impact
  
According to the Bond Review Board, local issuers of bonds such as
independent school districts would see an increase in the amount of
interest payable over the life of bonds because they would be resold at
a premium. The premium received would be used to compensate the original
purchaser of the bonds, the underwriter.
  
  
Source Agencies:   352   Texas Bond Review Board, 312   State Securities
                   Board, 304   Comptroller of Public Accounts
LBB Staff:         JK, RB