87R27613 SRA-F
 
  By: Schwertner S.B. No. 2230
 
  (Capriglione)
 
  Substitute the following for S.B. No. 2230:  No.
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the acquisition of real property or construction of
  buildings for the purpose of operating the Texas Bullion
  Depository.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 1232, Government Code, is
  amended by adding Section 1232.1026 to read as follows:
         Sec. 1232.1026.  ISSUANCE OF BONDS FOR TEXAS BULLION
  DEPOSITORY BUILDINGS. (a) The board may issue and sell bonds in
  the name of the authority to finance the acquisition or
  construction of buildings to be used to operate the Texas Bullion
  Depository, including the acquisition of real property for that
  purpose.
         (b)  The comptroller shall accomplish its statutory
  authority as if the property or building acquired or constructed
  under this section were funded by legislative appropriation. The
  board and the comptroller shall adopt a memorandum of understanding
  that defines the division of authority between the board and
  comptroller regarding the property or building.
         (c)  To accomplish the bond financing of the acquisition or
  construction of property or a building under this section, the
  comptroller shall contract with the authority to purchase the
  property or building from the authority under a lease-to-purchase
  agreement or other comparable financing agreement, as determined by
  the board and the comptroller to be in the best interest of the
  state.
         SECTION 2.  Chapter 2116, Government Code, is amended by
  adding Subchapter C to read as follows:
  SUBCHAPTER C. ACQUISITION OF REAL PROPERTY FOR DEPOSITORY
         Sec. 2116.071.  ACQUISITION OF REAL PROPERTY. The
  comptroller, by purchase, lease, donation, or other means, may
  acquire real property necessary for one or more buildings to
  operate the depository.
         Sec. 2116.072.  PURCHASE OF BUILDING SUBJECT TO EXISTING
  LEASES. The comptroller may:
               (1)  acquire a building that is subject to a lease by a
  private tenant and may continue or renew a lease for the building if
  the comptroller determines that doing so is advantageous to this
  state; and
               (2)  renegotiate the terms of a lease described by
  Subdivision (1) to obtain terms that are more favorable to this
  state.
         Sec. 2116.073.  LEASING PROPERTY AND USE OF LEASE PROCEEDS.
  (a) The comptroller may lease at fair market value any portion of a
  property acquired under this subchapter to a private tenant for
  commercial activities.
         (b)  Money received by the comptroller under a lease of
  property acquired under this subchapter may be used by the
  comptroller to:
               (1)  repay obligations issued under Section 1232.1026
  and used to acquire the property or construct the building; or
               (2)  make payments under a lease-to-purchase agreement
  or other comparable financing agreement between the comptroller and
  the Texas Public Finance Authority.
         Sec. 2116.074.  TITLE TO AND CONTROL OF REAL PROPERTY. The
  comptroller, subject to the lease-to-purchase agreement or other
  comparable financing agreement executed under Section 1232.1026,
  shall obtain in the name of this state title to any real property
  acquired or building constructed under this subchapter and retain
  control of that real property.
         Sec. 2116.075.  BORROWING MONEY; ISSUING AND SELLING BONDS.
  (a) The comptroller may borrow money in the amount and under the
  circumstances authorized by the legislature and may request the
  Texas Public Finance Authority, on behalf of the comptroller, to
  issue and sell bonds to acquire real property or construct a
  building to operate the depository.
         (b)  The Texas Public Finance Authority may issue and sell
  bonds for the purposes of Subsection (a) in any manner and on such
  terms the authority determines to be in the best interest of the
  comptroller, subject to the requirements of Chapter 1202.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution. If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2021.