By: Heflin H.B. No. 3454
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of general obligation bonds by the
Texas Public Finance Authority for certain construction and repair
projects and equipment purchases.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 1232, Government Code, is
amended by adding Section 1232.1116 to read as follows:
Sec. 1232.1116. CERTAIN CONSTRUCTION AND REPAIR PROJECTS
AND EQUIPMENT PURCHASES; GENERAL OBLIGATION BONDS. (a) The
authority has the exclusive power to issue general obligation bonds
under Section 50-f, Article III, Texas Constitution. The board
shall issue the bonds in a cumulative amount not to exceed $850
million for:
(1) construction or repair projects in or outside
Travis County that are administered by or on behalf of a state
agency listed in Section 50-f, Article III, Texas Constitution, and
authorized by the legislature in accordance with Section 1232.108;
or
(2) the purchase of needed equipment by or on behalf of
such an agency, and authorized by the legislature by the General
Appropriations Act or other law.
(b) The board shall provide for, issue, and sell the bonds
in accordance with Section 50-f, Article III, Texas Constitution,
and this chapter. Proceeds from the sale of the bonds shall be
invested as provided by this chapter.
(c) Proceeds from the sale of the bonds may be spent on an
authorized project or for the purchase of needed equipment only in
accordance with the legislative appropriation of the proceeds.
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 general obligation
bonds in an amount not to exceed $850 million for construction and
repair projects and for the purchase of needed equipment takes
effect. If that amendment is not approved by the voters, this Act
has no effect.