Texas 2015 - 84th Regular

Texas Senate Bill SB1657 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Watson, et al. S.B. No. 1657
2		-	(Miller of Fort Bend)
	1	+	S.B. No. 1657
3	2
4	3
5		-	A BILL TO BE ENTITLED
6	4		AN ACT
7	5		relating to approval of the issuance of tax and revenue
8	6		anticipation notes.
9	7		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	8		SECTION 1. Section 404.121(4), Government Code, is amended
11	9		to read as follows:
12	10		(4) "Tax and revenue anticipation notes" and "notes"
13	11		mean notes issued under this section, including any commercial
14	12		paper notes and any obligations under credit agreements entered
15	13		into by the comptroller in connection with the issuance of the
16	14		notes.
17	15		SECTION 2. Section 404.124, Government Code, is amended by
18	16		amending Subsections (b) and (b-1) and adding Subsection (b-2) to
19	17		read as follows:
20	18		(b) Based on the forecast and testimony provided at the
21	19		hearing required by Subsection (a), the committee may approve the
22	20		issuance of notes, subject to Subsections (b-1), (b-2), and (c),
23	21		and the maximum outstanding balance of notes in any fiscal year.
24	22		The outstanding balance may not exceed the maximum temporary cash
25	23		shortfall forecast by the comptroller for any period in the fiscal
26	24		year. The comptroller may not issue notes in excess of the amount
27	25		approved.
28	26		(b-1) Except as provided in Subsection (b-2), the [The]
29	27		committee's approval of the issuance of notes granted under
30	28		Subsection (b) expires on the 91st day after the date the hearing
31	29		conducted under Subsection (a) concludes. The comptroller may not
32	30		issue notes on or after the 91st day unless the comptroller submits
33	31		another general revenue cash flow shortfall forecast to the
34	32		committee and the committee subsequently grants approval for the
35	33		issuance of the notes in accordance with the procedure required by
36	34		Subsections (a) and (b). Each subsequent approval expires on the
37	35		91st [61st] day after the date the hearing on which the approval was
38	36		based concludes.
39	37		(b-2) The committee's approval of the issuance of
40	38		commercial paper notes expires on the last day of the fiscal year
41	39		for which the tax and revenue anticipation notes are approved,
42	40		providing for the issuance and rollover of commercial paper notes
43	41		during that fiscal year. All commercial paper notes must mature and
44	42		be paid in full in accordance with Section 404.123(d).
45	43		SECTION 3. This Act takes effect immediately if it receives
46	44		a vote of two-thirds of all the members elected to each house, as
47	45		provided by Section 39, Article III, Texas Constitution. If this
48	46		Act does not receive the vote necessary for immediate effect, this
49	47		Act takes effect September 1, 2015.
	48	+	______________________________ ______________________________
	49	+	President of the Senate Speaker of the House
	50	+	I hereby certify that S.B. No. 1657 passed the Senate on
	51	+	April 14, 2015, by the following vote: Yeas 31, Nays 0.
	52	+	______________________________
	53	+	Secretary of the Senate
	54	+	I hereby certify that S.B. No. 1657 passed the House on
	55	+	May 20, 2015, by the following vote: Yeas 141, Nays 0, one
	56	+	present not voting.
	57	+	______________________________
	58	+	Chief Clerk of the House
	59	+	Approved:
	60	+	______________________________
	61	+	Date
	62	+	______________________________
	63	+	Governor