HBA-EDN H.B. 3064 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 3064 By: Junell Financial Institutions 3/22/2001 Introduced 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. 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 (authority) has the exclusive power to issue general obligation bonds in an amount not to exceed $10 million. The bill requires the board of directors of the authority (board) to issue the bonds for construction or repair projects in or outside Travis County that are administered by the General Services Commission, the Texas Youth Commission, the Texas Department of Criminal Justice, the Texas Department of Mental Health and Mental Retardation, or the Parks and Wildlife Department and are authorized by the legislature under the General Appropriations Act or other law. 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 $10 million for construction and repair projects takes effect. If that amendment is not approved by the voters, this Act has no effect.