HBA-EDN H.B. 3064 77(R)BILL ANALYSIS Office of House Bill AnalysisH.B. 3064 By: Junell Financial Institutions 7/18/2001 Enrolled BACKGROUND AND PURPOSE This enabling legislation and its resolution authorize the Texas Public Finance Authority to issue and sell general obligation bonds, proceeds from which would be used to pay for construction and repair projects administered by certain state agencies and for the purchase of needed equipment by or on behalf of those state agencies. House Bill 3064 provides for the issuance of these bonds upon voter approval of the constitutional amendment. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 3064 amends the Government Code to provide that the Texas Public Finance Authority has the exclusive power to issue general obligation bonds. The bill requires the board of directors of the authority to issue the bonds in a cumulative amount not to exceed $850 million, as authorized by the legislature under the General Appropriations Act or other law, for construction or repair projects in or outside Travis County that are administered by or on behalf of the General Services Commission, the Texas Youth Commission, the Texas Department of Criminal Justice, the Texas Department of Mental Health and Mental Retardation, the Parks and Wildlife Department, the adjutant general's department, the Texas School for the Deaf, the Department of Agriculture, the Department of Public Safety, the State Preservation Board, the Texas Department of Health, the Texas Historical Commission, or the Texas School for the Blind and Visually Impaired or the purchase of needed equipment by or on behalf of a state agency listed above. The bill requires the board to provide for, issue, and sell the bonds, proceeds from which may be spent only in accordance with the legislative appropriation of the proceeds. EFFECTIVE DATE This Act takes effect on the date on which the constitutional amendment authorizing the issuance of general obligation bonds in an amount not to exceed $850 million for construction and repair projects and for the purchase of needed equipment takes effect. If that amendment is not approved by the voters, this Act has no effect.