Bill Text: TX HB4670 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the acquisition of real property or construction of buildings for the purpose of operating the Texas Bullion Depository.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-05-05 - Left pending in committee [HB4670 Detail]
Download: Texas-2021-HB4670-Introduced.html
| By: Capriglione | H.B. No. 4670 | |
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| 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. | ||
