Bill Text: TX SB1657 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: Relating to approval of the issuance of tax and revenue anticipation notes.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2015-06-10 - Effective immediately [SB1657 Detail]
Download: Texas-2015-SB1657-Enrolled.html
S.B. No. 1657 |
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relating to approval of the issuance of tax and revenue | ||
anticipation notes. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 404.121(4), Government Code, is amended | ||
to read as follows: | ||
(4) "Tax and revenue anticipation notes" and "notes" | ||
mean notes issued under this section, including any commercial | ||
paper notes and any obligations under credit agreements entered | ||
into by the comptroller in connection with the issuance of the | ||
notes. | ||
SECTION 2. Section 404.124, Government Code, is amended by | ||
amending Subsections (b) and (b-1) and adding Subsection (b-2) to | ||
read as follows: | ||
(b) Based on the forecast and testimony provided at the | ||
hearing required by Subsection (a), the committee may approve the | ||
issuance of notes, subject to Subsections (b-1), (b-2), and (c), | ||
and the maximum outstanding balance of notes in any fiscal year. | ||
The outstanding balance may not exceed the maximum temporary cash | ||
shortfall forecast by the comptroller for any period in the fiscal | ||
year. The comptroller may not issue notes in excess of the amount | ||
approved. | ||
(b-1) Except as provided in Subsection (b-2), the [ |
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committee's approval of the issuance of notes granted under | ||
Subsection (b) expires on the 91st day after the date the hearing | ||
conducted under Subsection (a) concludes. The comptroller may not | ||
issue notes on or after the 91st day unless the comptroller submits | ||
another general revenue cash flow shortfall forecast to the | ||
committee and the committee subsequently grants approval for the | ||
issuance of the notes in accordance with the procedure required by | ||
Subsections (a) and (b). Each subsequent approval expires on the | ||
91st [ |
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based concludes. | ||
(b-2) The committee's approval of the issuance of | ||
commercial paper notes expires on the last day of the fiscal year | ||
for which the tax and revenue anticipation notes are approved, | ||
providing for the issuance and rollover of commercial paper notes | ||
during that fiscal year. All commercial paper notes must mature and | ||
be paid in full in accordance with Section 404.123(d). | ||
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, 2015. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I hereby certify that S.B. No. 1657 passed the Senate on | ||
April 14, 2015, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
I hereby certify that S.B. No. 1657 passed the House on | ||
May 20, 2015, by the following vote: Yeas 141, Nays 0, one | ||
present not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
Approved: | ||
______________________________ | ||
Date | ||
______________________________ | ||
Governor |