LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 80TH LEGISLATIVE REGULAR SESSION

April 20, 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.), As Introduced

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. In addition, the board would be authorized to issue bonds if approved by a majority of the voters voting in an election. The election would be required to be held on the November uniform election date. Provisions of the bill establish requirements related to issuance of bonds and payment of bonds issued.

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

The fiscal impact to a library district would depend on whether the voters approve the issuance of bonds and, if so, the amount of the bonds.

Source Agencies:

LBB Staff:

JOB, JRO, DB