2003S0615-2 03/13/03


By:  Janek                                                        S.B. No. 1479


A BILL TO BE ENTITLED

AN ACT

relating to the sale and assignment of tobacco settlement revenues; 
authorizing the issuance of bonds.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Chapter 322, Government Code, is amended by 
adding Section 322.015 to read as follows:
	Sec. 322.015.  ISSUANCE OF BONDS.  (a)  The board, for and on 
behalf of the state, may issue general obligation bonds payable 
from the revenue received by the state under the Comprehensive 
Settlement Agreement and Release filed in the case styled The State 
of Texas v. The American Tobacco Co., et al., No. 5-96CV-91, in the 
United States District Court, Eastern District of Texas.
	(b)  The board shall consult with the comptroller, the Bond 
Review Board, and the Texas Public Finance Authority before issuing 
the bonds.
	(c)  Proceeds from the sale of the bonds shall be deposited 
in the general revenue fund.
	(d)  The issuance of bonds under this section is subject to 
the review and approval of the Bond Review Board as provided by 
Subchapter C, Chapter 1231.
	SECTION 2.  This Act takes effect September 1, 2003.