87R27613 SRA-F
By: Schwertner S.B. No. 2230
(Capriglione)
Substitute the following for S.B. No. 2230: No.
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) 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.
(c) To accomplish the bond financing of the acquisition or
construction of property or a building under this section, the
comptroller shall contract with the authority to purchase the
property or building from the authority under a lease-to-purchase
agreement or other comparable financing agreement, as determined by
the board and the comptroller to be in the best interest of the
state.
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
or other comparable financing agreement between the comptroller and
the Texas Public Finance Authority.
Sec. 2116.074. TITLE TO AND CONTROL OF REAL PROPERTY. The
comptroller, subject to the lease-to-purchase agreement or other
comparable financing agreement executed under Section 1232.1026,
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.
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 issue and sell
bonds for the purposes of Subsection (a) in any manner and on such
terms the authority determines to be in the best interest of the
comptroller, subject to the requirements of Chapter 1202.
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.