Honorable Eddie Lucio Jr., Chair, Senate Committee on Intergovernmental Relations
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1266 by Estes (Relating to the powers of a public facility corporation.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend the Local Government Code to modify the definition of a "credit agreement". The bill would amend the powers of a public facility corporation to include issuing bonds to purchase sponsor obligations and amend the powers of a corporation to grant a pledge of a public facility financed by the corporation under certain circumstances. The bill would permit the corporation to exercise any powers that a nonprofit corporation may exercise to the extent necessary to accomplish the purpose of the corporation. The bill would permit a public utility corporation to grant leasehold or other possessory interest in a public facility.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.