| 1 | 1 | | By: Capriglione H.B. No. 4670 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the acquisition of real property or construction of |
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| 7 | 7 | | buildings for the purpose of operating the Texas Bullion |
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| 8 | 8 | | Depository. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter C, Chapter 1232, Government Code, is |
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| 11 | 11 | | amended by adding Section 1232.1026 to read as follows: |
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| 12 | 12 | | Sec. 1232.1026. ISSUANCE OF BONDS FOR TEXAS BULLION |
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| 13 | 13 | | DEPOSITORY BUILDINGS. (a) The board may issue and sell bonds in |
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| 14 | 14 | | the name of the authority to finance the acquisition or |
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| 15 | 15 | | construction of buildings to be used to operate the Texas Bullion |
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| 16 | 16 | | Depository, including the acquisition of real property for that |
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| 17 | 17 | | purpose. |
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| 18 | 18 | | (b) After the board receives a request under Section |
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| 19 | 19 | | 2116.075, the board promptly shall issue and sell bonds in the name |
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| 20 | 20 | | of the authority to provide the requested financing. |
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| 21 | 21 | | Notwithstanding Sections 1232.112 and 1232.114, the comptroller is |
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| 22 | 22 | | not required to submit a project analysis to the Bond Review Board |
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| 23 | 23 | | before the Bond Review Board approves the issuance of the bonds by |
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| 24 | 24 | | the authority. |
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| 25 | 25 | | (c) The comptroller shall accomplish its statutory |
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| 26 | 26 | | authority as if the property or building acquired or constructed |
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| 27 | 27 | | under this section were funded by legislative appropriation. The |
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| 28 | 28 | | board and the comptroller shall adopt a memorandum of understanding |
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| 29 | 29 | | that defines the division of authority between the board and |
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| 30 | 30 | | comptroller regarding the property or building. |
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| 31 | 31 | | (d) On completion of the acquisition of property or |
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| 32 | 32 | | construction of a building, the comptroller shall contract with the |
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| 33 | 33 | | authority to purchase the property or building from the authority |
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| 34 | 34 | | under a lease-to-purchase agreement. |
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| 35 | 35 | | SECTION 2. Chapter 2116, Government Code, is amended by |
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| 36 | 36 | | adding Subchapter C to read as follows: |
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| 37 | 37 | | SUBCHAPTER C. ACQUISITION OF REAL PROPERTY FOR DEPOSITORY |
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| 38 | 38 | | Sec. 2116.071. ACQUISITION OF REAL PROPERTY. The |
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| 39 | 39 | | comptroller, by purchase, lease, donation, or other means, may |
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| 40 | 40 | | acquire real property necessary for one or more buildings to |
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| 41 | 41 | | operate the depository. |
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| 42 | 42 | | Sec. 2116.072. PURCHASE OF BUILDING SUBJECT TO EXISTING |
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| 43 | 43 | | LEASES. The comptroller may: |
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| 44 | 44 | | (1) acquire a building that is subject to a lease by a |
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| 45 | 45 | | private tenant and may continue or renew a lease for the building if |
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| 46 | 46 | | the comptroller determines that doing so is advantageous to this |
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| 47 | 47 | | state; and |
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| 48 | 48 | | (2) renegotiate the terms of a lease described by |
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| 49 | 49 | | Subdivision (1) to obtain terms that are more favorable to this |
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| 50 | 50 | | state. |
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| 51 | 51 | | Sec. 2116.073. LEASING PROPERTY AND USE OF LEASE PROCEEDS. |
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| 52 | 52 | | (a) The comptroller may lease at fair market value any portion of a |
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| 53 | 53 | | property acquired under this subchapter to a private tenant for |
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| 54 | 54 | | commercial activities. |
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| 55 | 55 | | (b) Money received by the comptroller under a lease of |
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| 56 | 56 | | property acquired under this subchapter may be used by the |
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| 57 | 57 | | comptroller to: |
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| 58 | 58 | | (1) repay obligations issued under Section 1232.1026 |
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| 59 | 59 | | and used to acquire the property or construct the building; or |
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| 60 | 60 | | (2) make payments under a lease-to-purchase agreement |
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| 61 | 61 | | between the comptroller and the Texas Public Finance Authority. |
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| 62 | 62 | | Sec. 2116.074. TITLE TO AND CONTROL OF REAL PROPERTY. The |
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| 63 | 63 | | comptroller shall obtain in the name of this state title to any real |
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| 64 | 64 | | property acquired or building constructed under this subchapter and |
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| 65 | 65 | | retain control of that real property at all times. |
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| 66 | 66 | | Sec. 2116.075. BORROWING MONEY; ISSUING AND SELLING BONDS. |
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| 67 | 67 | | (a) The comptroller may borrow money in the amount and under the |
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| 68 | 68 | | circumstances authorized by the legislature and may request the |
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| 69 | 69 | | Texas Public Finance Authority, on behalf of the comptroller, to |
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| 70 | 70 | | issue and sell bonds to acquire real property or construct a |
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| 71 | 71 | | building to operate the depository. |
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| 72 | 72 | | (b) The Texas Public Finance Authority may sell the bonds |
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| 73 | 73 | | for the purposes of Subsection (a) in any manner the authority |
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| 74 | 74 | | determines to be in the best interest of the comptroller, except |
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| 75 | 75 | | that the authority may not sell a bond that has not been approved by |
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| 76 | 76 | | the attorney general and registered with the comptroller. |
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| 77 | 77 | | SECTION 3. This Act takes effect immediately if it receives |
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| 78 | 78 | | a vote of two-thirds of all the members elected to each house, as |
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| 79 | 79 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 80 | 80 | | Act does not receive the vote necessary for immediate effect, this |
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| 81 | 81 | | Act takes effect September 1, 2021. |
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