HBA-EDN H.J.R. 97 77(R) BILL ANALYSIS Office of House Bill AnalysisH.J.R. 97 By: Junell Financial Institutions 3/22/2001 Introduced BACKGROUND AND PURPOSE This resolution and its enabling legislation 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. As proposed, House Joint Resolution 97 requires the submission to the voters of a constitutional amendment authorizing the issuance of up to $10 million in general obligation bonds for construction and repair projects. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this resolution does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Joint Resolution 97 amends the Texas Constitution to provide that the legislature by general law may authorize the Texas Public Finance Authority (authority) to provide for, issue, and sell general obligation bonds of the State of Texas (bonds) in an amount not to exceed $10 million. The resolution requires the bonds to be executed in the form, on the terms, and in the denominations, bear interest, and be issued in installments as prescribed by the authority. The resolution requires that proceeds from the sale of the bonds be deposited in a separate fund or account within the state treasury and authorizes money in this fund to be used only to pay for construction and repair projects 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, and the Texas Parks and Wildlife Department. The resolution sets forth provisions relating to the payment of principal and interest on bonds and provides that bonds are incontestable and are general obligations to the State of Texas. FOR ELECTION This proposed constitutional amendment shall be submitted to the voters at an election to be held November 6, 2001.