LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 80TH LEGISLATIVE REGULAR SESSION

April 27, 2007

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

No fiscal implication to the State is anticipated.

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.

Local Government Impact

Provisions of the bill would provide additional means for a library district to finance infrastructure for a public library. Actual fiscal impact to a district would depend on the value of the bonds issued or other obligations incurred and how much revenue is generated through the library system and sales and use tax.

Source Agencies:

LBB Staff:

JOB, JRO, DB