TO: | Honorable Burt R. Solomons, Chair, House Committee on Financial Institutions |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB3125 by Macias (Relating to the issuance of bonds or other obligations by library districts. ), Committee Report 1st House, Substituted |
The bill would add Subchapter F to Chapter 326, Local Government Code, to authorize the board of a library district to provide money to acquire, purchase, construct, improve, renovate, enlarge, or equip property, buildings, structures, or related infrastructure for a public library. The board would be authorized to issue bonds, and would be authorized to pledge to the payment of any bonds issued or obligations incurred under Section 326.153 all or any part of the revenue of the district's library system or the district's sales and use tax.
The bill would take effect immediately if it were to receive the required two-thirds vote in each house; otherwise, it would take effect September 1, 2007.
Source Agencies: |
LBB Staff: | JOB, JRO, DB
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