By: Schwertner S.B. No. 2230
(In the Senate - Filed April 26, 2021; April 27, 2021, read
first time and referred to Committee on Administration;
May 6, 2021, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 5, Nays 0; May 6, 2021, sent
to printer.)
COMMITTEE SUBSTITUTE FOR S.B. No. 2230 By: Schwertner
A BILL TO BE ENTITLED
AN ACT
relating to the acquisition of real property or construction of
buildings for the purpose of operating 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 BUILDINGS. (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 to operate the Texas Bullion
Depository, including the acquisition of real property for that
purpose.
(b) After the board receives a request under Section
2116.075, the board promptly shall issue and sell bonds in the name
of the authority to provide the requested financing.
Notwithstanding Sections 1232.112 and 1232.114, the comptroller is
not required to submit a project analysis to the Bond Review Board
before the Bond Review Board approves the issuance of the bonds by
the authority.
(c) The comptroller shall accomplish its statutory
authority as if the property or building acquired or constructed
under this section were funded 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 regarding the property or building.
(d) On completion of the acquisition of property or
construction of a building, the comptroller shall contract with the
authority to purchase the property or building from the authority
under a lease-to-purchase agreement.
SECTION 2. Chapter 2116, Government Code, is amended by
adding Subchapter C to read as follows:
SUBCHAPTER C. ACQUISITION OF REAL PROPERTY FOR DEPOSITORY
Sec. 2116.071. ACQUISITION OF REAL PROPERTY. The
comptroller, by purchase, lease, donation, or other means, may
acquire real property necessary for one or more buildings to
operate the depository.
Sec. 2116.072. PURCHASE OF BUILDING SUBJECT TO EXISTING
LEASES. The comptroller may:
(1) acquire a building that is subject to a lease by a
private tenant and may continue or renew a lease for the building if
the comptroller determines that doing so is advantageous to this
state; and
(2) renegotiate the terms of a lease described by
Subdivision (1) to obtain terms that are more favorable to this
state.
Sec. 2116.073. LEASING PROPERTY AND USE OF LEASE PROCEEDS.
(a) The comptroller may lease at fair market value any portion of a
property acquired under this subchapter to a private tenant for
commercial activities.
(b) Money received by the comptroller under a lease of
property acquired under this subchapter may be used by the
comptroller to:
(1) repay obligations issued under Section 1232.1026
and used to acquire the property or construct the building; or
(2) make payments under a lease-to-purchase agreement
between the comptroller and the Texas Public Finance Authority.
Sec. 2116.074. TITLE TO AND CONTROL OF REAL PROPERTY. The
comptroller shall obtain in the name of this state title to any real
property acquired or building constructed under this subchapter and
retain control of that real property at all times.
Sec. 2116.075. BORROWING MONEY; ISSUING AND SELLING BONDS.
(a) The comptroller may borrow money in the amount and under the
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 or construct a
building to operate the depository.
(b) The Texas Public Finance Authority may sell the bonds
for the purposes of Subsection (a) in any manner the authority
determines to be in the best interest of the comptroller, except
that the authority may not sell a bond that has not been approved by
the attorney general and registered with the comptroller.
SECTION 3. This Act takes effect immediately 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.
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