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By:  Hilderbran                                                   H.B. No. 2779



A BILL TO BE ENTITLED

AN ACT

relating to the issuance of general obligation bonds by the Parks 
and Wildlife Department for the Texas Park Development Fund.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 21.001, Parks and Wildlife Code, is 
amended to read as follows:
	Sec. 21.001.  ISSUANCE OF PARK DEVELOPMENT BONDS.  The 
department, by resolution of the commission, from time to time may 
provide for the issuance of negotiable bonds in an aggregate amount 
not to exceed $[75] 575 million pursuant to the provisions of 
Article III, Sections 49-e and 49-e-1 of the Texas Constitution.  
All bonds provided for under this section shall be issued by the 
Texas Public Finance Authority, acting on behalf of the department.  
In connection with the issuance of such bonds, the Texas Public 
Finance Authority is subject to all rights, duties, and conditions 
set forth in this chapter with respect to the issuance of bonds by 
the department.
	SECTION 2.  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 takes 
effect.  If that amendment is not approved by the voters, this Act 
has no effect.