Bill Text: TX SB1231 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the issuance of general obligation bonds by the Texas Public Finance Authority to pay for certain state infrastructure projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-13 - Referred to Finance [SB1231 Detail]
Download: Texas-2017-SB1231-Introduced.html
2017S0366-1 03/02/17 | ||
By: Perry | S.B. No. 1231 |
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relating to the issuance of general obligation bonds by the Texas | ||
Public Finance Authority to pay for certain state infrastructure | ||
projects. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 1232, Government Code, is | ||
amended by adding Section 1232.1117 to read as follows: | ||
Sec. 1232.1117. CERTAIN STATE INFRASTRUCTURE PROJECTS; | ||
GENERAL OBLIGATION BONDS. (a) The authority has the exclusive | ||
power to issue general obligation bonds under Section 50-i, Article | ||
III, Texas Constitution. The board shall issue the bonds in a | ||
cumulative amount not to exceed $1 billion to pay for projects to | ||
repair, renovate, rehabilitate, or construct state infrastructure | ||
other than transportation infrastructure and higher education | ||
facilities. In this subsection: | ||
(1) "Transportation infrastructure" means roads, | ||
streets, ways, bridges, or culverts. | ||
(2) "Higher education facilities" means property, | ||
buildings, structures, or other facilities used or intended to be | ||
used by an institution of higher education, as defined by Section | ||
61.003, Education Code. | ||
(b) The board shall provide for, issue, and sell the bonds | ||
in accordance with Section 50-i, Article III, Texas Constitution, | ||
and this chapter. The authority shall deposit the proceeds from the | ||
sale of the bonds to the credit of the state infrastructure projects | ||
fund and invest the proceeds as provided by this chapter. | ||
(c) Proceeds from the sale of the bonds may be spent on an | ||
authorized project or for the purchase of needed equipment only in | ||
accordance with the legislative appropriation of the proceeds. | ||
SECTION 2. This Act takes effect on the date on which the | ||
constitutional amendment proposed by the 85th Legislature, Regular | ||
Session, 2017, authorizing the issuance of general obligation bonds | ||
to pay for certain state infrastructure projects takes effect. If | ||
that amendment is not approved by the voters, this Act has no | ||
effect. |