By: Schwertner S.B. No. 2230
A BILL TO BE ENTITLED
AN ACT
relating to the operation and administration of the Texas Bullion
Depository.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 1232, Government Code is
amended by adding Section 1232.1026 to read as follows:
Sec. 1232.1026. ISSUANCE OF BONDS FOR TEXAS BULLION
DEPOSITORY. (a) The board may issue and sell bonds in the name of
the authority to finance the acquisition or construction of
buildings to be used by the Texas Bullion Depository.
(b) After receiving a request under Section 2116.063, the
board shall promptly issue and sell bonds in the name of the
authority to provide the requested financing.
(c) The comptroller shall accomplish its statutory
authority as if the property or building were financed by
legislative appropriation. The board and the comptroller shall
adopt a memorandum of understanding that defines the division of
authority between the board and comptroller.
(d) On completion of the acquisition or construction, the
comptroller shall lease the building from the authority.
(e) Section 1232.114 does not apply to a building purchased
under this section.
SECTION 2. Chapter 2116, Government Code is amended by
adding Subchapter C to read as follows:
SUBCHAPTER C. DEPOSITORY FACILITY
Sec. 2116.061. ACQUISITION OF PROPERTY. The comptroller may
by purchase, lease, donation, or otherwise acquire real property to
operate the depository.
Sec. 2116.062. PURCHASE OF BUILDING SUBJECT TO EXISTING
LEASE; AUTHORITY TO LEASE. (a) If the comptroller determines that
doing so is advantageous to the state, the comptroller may purchase
property that is subject to existing leases by private tenants and
may continue or renew an existing lease. The comptroller may
renegotiate the terms of an already existing lease to obtain terms
that are more favorable to the state.
(b) The comptroller may lease at fair marker value any
portion of a building acquired under this subchapter to a private
tenant for commercial activities.
(c) Money received from a lease under this section may be
used by the comptroller to repay any debt or bonds used to acquire
the property.
Sec. 2116.063. BORROWING MONEY; ISSUING AND SELLING BONDS.
(a) The comptroller may borrow money in the amount and under
circumstances authorized by the legislature and may request the
Texas Public Finance Authority, on behalf of the comptroller, to
issue and sell bonds to acquire real property to operate the
depository.
(b) The Texas Public Finance Authority may sell the bonds in
any manner it determines to be in the best interest of the
comptroller, except that it may not sell a bond that has not been
approved by the attorney general and registered with the
comptroller.
Sec. 2116.064. TITLE TO AND CONTROL OF FACILITY. The
comptroller shall obtain title for the state and retain control of
real property acquired for the depository facility.
SECTION 3. This Act takes immediate effect if it receives a
vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2021.