79R974 KCR-D

By:  Hilderbran                                                   H.B. No. 1291


A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of not more than $10 million in revenue bonds for the purchase and retirement of certain commercial fishing, shrimping, and crabbing licenses. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1 Subchapter A, Chapter 12, Parks and Wildlife Code, is amended by adding Section 12.0091 to read as follows: Sec. 12.0091. REVENUE BONDS FOR CERTAIN BUYBACK PROGRAMS. (a) The department, by resolution of the commission, may request the Texas Public Finance Authority to issue revenue bonds or other revenue obligations to finance the purchase and retirement of licenses under Section 47.081, 77.119, or 78.111 at an aggregated cost not to exceed $10 million. (b) On receipt of a request by the department under this section, the authority shall promptly issue the bonds or other revenue obligations under and in accordance with Chapters 1201 and 1232, Government Code, and other provisions of Title 9, Government Code, applicable to revenue bonds. Section 1232.066(a), Government Code, does not apply to this section. (c) The department shall deposit the proceeds of revenue bonds or other revenue obligations issued under this section to the credit of the game, fish, and water safety account and may use the proceeds only to buy back and permanently retire licenses under Section 47.081, 77.119, or 78.111. (d) The department may not pay more than $7,500 for a license purchased and retired with the proceeds from the bonds or other revenue obligations issued under this section. (e) The repayment of bonds issued under this section must be paid from the revenue collected from the fees and surcharges charged by the department for the saltwater sportfishing stamp under Subchapter M, Chapter 43. SECTION 2. The legislature finds that the issuance and repayment of bonds under Section 12.0091, Parks and Wildlife Code, as added by this Act: (1) is essential to the effective enforcement and management of coastal fisheries; and (2) increases the value of each saltwater sportfishing stamp issued by the Parks and Wildlife Department and each commercial license the department issues for the finfish, shrimp, or crab fishing industries. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2005.