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.