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.