Bill Text: TX SB706 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the approval and issuance of tax and revenue anticipation notes.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2011-02-23 - Referred to Finance [SB706 Detail]
Download: Texas-2011-SB706-Introduced.html
| 82R1920 KLA-D | ||
| By: Watson | S.B. No. 706 | |
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| relating to the approval and issuance of tax and revenue | ||
| anticipation notes. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 404.124, Government Code, is amended by | ||
| amending Subsections (a) and (b) and adding Subsection (b-1) to | ||
| read as follows: | ||
| (a) Before issuing notes the comptroller shall submit to the | ||
| committee a general revenue cash flow shortfall forecast, based on | ||
| the comptroller's most recent anticipated revenue estimate. The | ||
| forecast must contain a detailed report of estimated revenues and | ||
| expenditures for each month and each major revenue and expenditure | ||
| category and must demonstrate the maximum general revenue cash flow | ||
| shortfall that may be predicted. The committee shall hold a public | ||
| hearing to solicit testimony on the forecast, including testimony | ||
| on this state's overall economic condition, as soon as practicable | ||
| after receiving the forecast. | ||
| (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) 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) The committee's approval of the issuance of notes | ||
| granted under Subsection (b) expires on the 61st day after the date | ||
| the hearing conducted under Subsection (a) concludes. The | ||
| comptroller may not issue notes on or after the 61st 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 61st day after the date the hearing on which | ||
| the approval was based concludes. | ||
| SECTION 2. This Act takes effect September 1, 2011. | ||
