H.B. 2779 78(R)    BILL ANALYSIS


H.B. 2779
By: Hilderbran
State Cultural and Recreational Resources
Committee Report (Unamended)



BACKGROUND AND PURPOSE 

Currently, Texas Parks and Wildlife no longer has bonding authority to
provide General Obligation Bonds to fund state recreational areas and
parks.  In 1963, a constitutional amendment provided for a cap of $75
million to be placed on the issuance of General Obligation bonds by Texas
Parks and Wildlife.  After reaching the cap, Texas Parks and Wildlife is
unable to provide a mechanism for future generations to fund recreational
area and park initiatives .  HB 2779 raises the $75 million cap to $575
million in an effort to help Texas Parks and Wildlife continue to preserve
and protect our precious resources. 


RULEMAKING AUTHORITY

It is the committee's opinion that this bill does not expressly grant any
additional rulemaking authority to a state officer, department, agency, or
institution. 


ANALYSIS

HB 2779 amends the Parks and Wildlife Code by replacing $75 million with
$575 million as the maximum aggregate amount of negotiable bonds that may
be issued by Texas Parks and Wildlife pursuant to Article III of the Texas
Constitution.   

The Parks and Wildlife Code is also amended to reference Section 49-e-1 of
the Texas Constitution which would again give Texas Parks and Wildlife the
mechanism to issue General Obligation bonds by increasing the maximum
aggregate amount to $575 million. 


EFFECTIVE DATE

This Act takes effect on the date on which the constitutional amendment
proposed by the 78th Legislature, at its regular session, authorizing the
issuance of additional general obligation bonds by Parks and Wildlife
Department in an amount not to exceed $500 million for the Texas Park
Development Fund is approved by the voters.