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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 to pay for certain state infrastructure |
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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 1232.1117 to read as follows: |
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Sec. 1232.1117. CERTAIN STATE INFRASTRUCTURE PROJECTS; |
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GENERAL OBLIGATION BONDS. (a) The authority has the exclusive |
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power to issue general obligation bonds under Section 50-i, Article |
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III, Texas Constitution. The board shall issue the bonds in a |
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cumulative amount not to exceed $1 billion to pay for projects to |
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repair, renovate, rehabilitate, or construct state infrastructure |
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other than transportation infrastructure and higher education |
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facilities. In this subsection: |
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(1) "Transportation infrastructure" means roads, |
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streets, ways, bridges, or culverts. |
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(2) "Higher education facilities" means property, |
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buildings, structures, or other facilities used or intended to be |
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used by an institution of higher education, as defined by Section |
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61.003, Education Code. |
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(b) The board shall provide for, issue, and sell the bonds |
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in accordance with Section 50-i, Article III, Texas Constitution, |
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and this chapter. The authority shall deposit the proceeds from the |
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sale of the bonds to the credit of the state infrastructure projects |
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fund and invest the proceeds 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 or for the purchase of needed equipment only in |
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accordance with the legislative 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 85th Legislature, Regular |
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Session, 2017, authorizing the issuance of general obligation bonds |
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to pay for certain state infrastructure 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. |