| 1 | 1 | | 2017S0366-1 03/02/17 |
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| 2 | 2 | | By: Perry S.B. No. 1231 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the issuance of general obligation bonds by the Texas |
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| 8 | 8 | | Public Finance Authority to pay for certain state infrastructure |
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| 9 | 9 | | projects. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Subchapter C, Chapter 1232, Government Code, is |
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| 12 | 12 | | amended by adding Section 1232.1117 to read as follows: |
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| 13 | 13 | | Sec. 1232.1117. CERTAIN STATE INFRASTRUCTURE PROJECTS; |
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| 14 | 14 | | GENERAL OBLIGATION BONDS. (a) The authority has the exclusive |
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| 15 | 15 | | power to issue general obligation bonds under Section 50-i, Article |
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| 16 | 16 | | III, Texas Constitution. The board shall issue the bonds in a |
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| 17 | 17 | | cumulative amount not to exceed $1 billion to pay for projects to |
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| 18 | 18 | | repair, renovate, rehabilitate, or construct state infrastructure |
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| 19 | 19 | | other than transportation infrastructure and higher education |
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| 20 | 20 | | facilities. In this subsection: |
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| 21 | 21 | | (1) "Transportation infrastructure" means roads, |
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| 22 | 22 | | streets, ways, bridges, or culverts. |
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| 23 | 23 | | (2) "Higher education facilities" means property, |
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| 24 | 24 | | buildings, structures, or other facilities used or intended to be |
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| 25 | 25 | | used by an institution of higher education, as defined by Section |
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| 26 | 26 | | 61.003, Education Code. |
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| 27 | 27 | | (b) The board shall provide for, issue, and sell the bonds |
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| 28 | 28 | | in accordance with Section 50-i, Article III, Texas Constitution, |
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| 29 | 29 | | and this chapter. The authority shall deposit the proceeds from the |
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| 30 | 30 | | sale of the bonds to the credit of the state infrastructure projects |
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| 31 | 31 | | fund and invest the proceeds as provided by this chapter. |
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| 32 | 32 | | (c) Proceeds from the sale of the bonds may be spent on an |
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| 33 | 33 | | authorized project or for the purchase of needed equipment only in |
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| 34 | 34 | | accordance with the legislative appropriation of the proceeds. |
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| 35 | 35 | | SECTION 2. This Act takes effect on the date on which the |
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| 36 | 36 | | constitutional amendment proposed by the 85th Legislature, Regular |
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| 37 | 37 | | Session, 2017, authorizing the issuance of general obligation bonds |
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| 38 | 38 | | to pay for certain state infrastructure projects takes effect. If |
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| 39 | 39 | | that amendment is not approved by the voters, this Act has no |
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| 40 | 40 | | effect. |
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