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.