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78R11686 MI-F


By:  Chavez                                                       H.B. No. 3551

Substitute the following for H.B. No. 3551:                                   

By:  Talton                                                   C.S.H.B. No. 3551



A BILL TO BE ENTITLED

AN ACT

relating to the authority of a municipality to use commercial paper 
instead of certificates of obligation.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 1371.001(2), Government Code, is amended 
to read as follows:
		(2)  "Eligible project" means:                                                
			(A)  the acquisition or construction of or an 
improvement, addition, or extension to a public works, including a 
capital asset or facility incident and related to the operation, 
maintenance, or administration of the public works, and:
				(i)  with respect to a property or a facility 
for the generation of electric power and energy, fuel acquisition 
or the development or transportation of power, energy, or fuel;
				(ii)  with respect to a property or a 
facility for a public transportation system:
					(a)  a building, terminal, garage, 
shop, or other structure, rolling stock, equipment, or another 
facility for mass public transportation;  or
					(b)  a vehicle parking area or a 
facility necessary or convenient for the beneficial use and access 
of persons and vehicles to a station, terminal, yard, car, or bus, 
or for the protection or environmental enhancement of a facility 
for mass public transportation;  and
				(iii)  with respect to a property or a 
facility for a port facility, a wharf or dock, a warehouse, grain 
elevator, or other storage facility, a bunkering facility, 
port-related railroad or bridge, floating plant or facility, 
lightering facility, cargo handling facility, towing facility, or 
any other facility or aid incident to or useful in the operation of 
a port facility;
			(B)  a causeway, bridge, tunnel, turnpike, 
highway, or combination of those facilities, including:
				(i)  a necessary overpass, underpass, 
interchange, entrance plaza, tollhouse, service station, approach, 
fixture, accessory, or item of equipment, or a storage, 
administration, or other necessary building;  and
				(ii)  a property right or other interest 
acquired in connection with those facilities;
			(C)  a public improvement owned by a county that 
serves the purpose of attracting visitors and tourists to the 
county, including a civic center, auditorium, exhibition hall, 
coliseum, stadium, or parking area;
			(D)  a project for which there exists authorized 
but unissued obligations approved by a majority of the voters of the 
issuer, including obligations payable from ad valorem taxes;
			(E)  a project for which an issuer is authorized 
to issue revenue bonds secured, in whole or in part, by revenue 
derived from or related to student loans; [or]
			(F)  an approved venue project under Chapter 334 
or 335, Local Government Code; or
			(G)  an activity described by Section 271.045, 
Local Government Code.
	SECTION 2.  This Act takes effect September 1, 2003.