HBA-EDN C.S.H.B. 3064 77(R)BILL ANALYSIS


Office of House Bill AnalysisC.S.H.B. 3064
By: Junell
Financial Institutions
4/2/2001
Committee Report (Substituted)



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.  C.S.H.B. 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

C.S.H.B. 3064 amends the Government Code to provide that the Texas Public
Finance Authority (authority) has the exclusive power to issue general
obligation bonds.  The bill requires the board of directors of the
authority (board) to issue the bonds in a cumulative amount not to exceed
$800 million 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 School for the Blind
and Visually Impaired, the Texas Natural Resource Conservation Commission,
or the Texas Department of Transportation 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 $800 million for construction and repair projects takes effect. If
that amendment is not approved by the voters, this Act has no effect. 

COMPARISON OF ORIGINAL TO SUBSTITUTE

C.S.H.B. 3064 modifies the original by providing that the amount of bonds
issued shall not exceed $800 million, rather than $10 million.  The
substitute adds additional state agencies to the list of those that will
benefit from the issuance of bonds for construction or repair projects.