By: Schwertner  S.B. No. 2230
         (In the Senate - Filed April 26, 2021; April 27, 2021, read
  first time and referred to Committee on Administration;
  May 6, 2021, reported adversely, with favorable Committee
  Substitute by the following vote:  Yeas 5, Nays 0; May 6, 2021, sent
  to printer.)
 
  COMMITTEE SUBSTITUTE FOR S.B. No. 2230 By:  Schwertner
 
 
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)  After the board receives a request under Section
  2116.075, the board promptly shall issue and sell bonds in the name
  of the authority to provide the requested financing.
  Notwithstanding Sections 1232.112 and 1232.114, the comptroller is
  not required to submit a project analysis to the Bond Review Board
  before the Bond Review Board approves the issuance of the bonds by
  the authority.
         (c)  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.
         (d)  On completion of the acquisition of property or
  construction of a building, the comptroller shall contract with the
  authority to purchase the property or building from the authority
  under a lease-to-purchase agreement.
         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
  between the comptroller and the Texas Public Finance Authority.
         Sec. 2116.074.  TITLE TO AND CONTROL OF REAL PROPERTY. The
  comptroller 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 at all times.
         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 sell the bonds
  for the purposes of Subsection (a) in any manner the authority
  determines to be in the best interest of the comptroller, except
  that the authority may not sell a bond that has not been approved by
  the attorney general and registered with the comptroller.
         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.
 
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