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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of general obligation bonds by the Texas |
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Public Finance Authority for certain maintenance, improvement, |
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repair, and construction projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 1232, Government Code, is |
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amended by adding Section 1232.1116 to read as follows: |
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Sec. 1232.1116. CERTAIN MAINTENANCE, IMPROVEMENT, REPAIR, |
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AND CONSTRUCTION PROJECTS; GENERAL OBLIGATION BONDS. (a) The |
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authority has the exclusive power to issue general obligation bonds |
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under Section 50-g, Article III, Texas Constitution. The board |
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shall issue the bonds in a cumulative amount not to exceed $1 |
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billion for maintenance, improvement, repair, and construction |
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projects in or outside Travis County that are administered by or on |
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behalf of a state agency listed in Section 50-g, Article III, Texas |
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Constitution, and authorized by the legislature in accordance with |
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Section 1232.108. |
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(b) The board shall provide for, issue, and sell the bonds |
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in accordance with Section 50-g, Article III, Texas Constitution, |
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and this chapter. Proceeds from the sale of the bonds shall be |
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invested as provided by this chapter. |
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(c) Proceeds from the sale of the bonds may be spent on an |
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authorized project only in accordance with the legislative |
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appropriation of the proceeds. |
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SECTION 2. This Act takes effect on the date on which the |
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constitutional amendment proposed by the 80th Legislature at its |
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regular session authorizing the issuance of general obligation |
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bonds in an amount not to exceed $1 billion for maintenance, |
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improvement, repair, and construction projects takes effect. If |
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that amendment is not approved by the voters, this Act has no |
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effect. |