General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature Page: 16
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68th LEGIS-2nd CALLED SESSION
authorized in Senate Bill 1355, Acts of the 68th Legislature, Regular Session, 1983, are ratified
SECTION 11. SCOPE OF POWER. (a) The board's authority under Section 9 of this Act
is limited to the financing of a project and does not affect the authority of the State Purchasing
and General Services Commission, or any other state agency, to carry out its statutory authority,
including its authority to construct buildings, relating to the project.
(b) The State Purchasing and General Services Commission shall carry out its statutory
authority regarding a project financed under this Act as if the project were financed by legislative
(c) The board and the State Purchasing and General Services Commission shall adopt a
memorandum of understanding that defines the division of authority between the board and the
commission to carry out the intent of this section.
SECTION 12. MANNER OF REPAYMENT OF BONDS. (a) The board may provide for
the payment of the principal of and interest on the bonds issued under Section 9 of this Act
relating to a building:
(1) by pledging all or any part of the designated rents, issues, and profits from leasing the
building to the state through the State Purchasing and General Services Commission or
occupying or using state agency; or
(2) from any other source of funds lawfully available to the board.
(b) From funds appropriated for the purpose of paying rental charges on improvements
acquired, constructed, renovated, or repaired under this Act, the State Purchasing and General
Services Commission or occupying or using state agency shall pay to the board an amount
determined by the board to be sufficient to pay the principal of and interest on the bonds and to
maintain any reserve funds required for servicing the debt.
(c) The commission shall set the rents in amounts sufficient to provide the revenue required
by the board.
(d) All lease contracts entered into under this Act shall be subject to the appropriation by the
legislature of funds necessary to cover the provisions of the lease, except that if at any time the
state fails or refuses to pay the rental provided in such a lease contract or fails or refuses to renew
an existing lease contract at a rental provided to be paid, the board may lease or sublease the
property covered by the lease contract to any person or entity on terms that the board
(e) The board may lease space in projects constructed under this Act to any person or entity
under the terms that the board determines if the space cannot be leased to the State Purchasing
and General Services Commission or other state agency.
SECTION 13. STATE DEBT NOT CREATED. (a) Bonds issued under this Act are not
debts of the state or any agency, political corporation, or political subdivision of the state and are
not a pledge of the faith and credit of any of them. The bonds are payable solely from revenue as
provided by this Act.
(b) The bonds must contain on their face a statement to the effect that:
(1) neither the state nor an agency, political corporation, or political subdivision of the state is
obligated to pay the principal of or interest on the bonds except as provided by this Act; and
(2) neither the faith and credit nor the taxing power of the state or any agency, political
corporation, or political subdivision of the state is pledged to the payment of the principal of or
interest on the bonds.
SECTION 14. FORM OF BONDS. (a) The board may issue bonds in various series or
(b) Bonds may mature serially or otherwise not more than 40 years from their date and shall
bear interest at the rate permitted by the constitution and laws of the state.
(c) The bonds and interest coupons, if any, are investment securities under the terms of
Chapter 8 of the Business & Commerce Code and may be issued registrable as to principal or as
to both principal and interest and may be made redeemable before maturity, at the option of the
board, or may contain a mandatory redemption provision.
(d) The bonds may be issued in the form, denominations, and manner and under the terms,
conditions, and details provided by the board in the order or resolution authorizing their
issuance. The bonds shall be signed and executed as provided in that resolution or order.
SECTION 15. PROVISIONS OF BONDS. (a) In the orders or resolutions authorizing the
issuance of bonds, including refunding bonds, the board may provide for the flow of funds, the
establishment and maintenance of the interest and sinking fund, the reserve fund, and other
funds and may make additional covenants with respect to the bonds, the pledged revenues, and
CH 5, SEC 10
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature, legislative document, 1985; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221803/m1/20/: accessed May 24, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.