Texas Government Code 1232.1115 – Certain Construction and Repair Projects and Equipment Purchases; General Obligation Bonds
(a) The authority has the exclusive power to issue general obligation bonds under § 50-f, Article III, Texas Constitution. The board shall issue the bonds in a cumulative amount not to exceed $850 million for:
(1) construction or repair projects in or outside Travis County that are administered by or on behalf of a state agency listed in § 50-f, Article III, Texas Constitution, and authorized by the legislature in accordance with Section 1232.108; or
(2) the purchase of needed equipment by or on behalf of such an agency, and authorized by the legislature by the General Appropriations Act or other law.
(b) The board shall provide for, issue, and sell the bonds in accordance with § 50-f, Article III, Texas Constitution, and this chapter. Proceeds from the sale of the bonds shall be invested as provided by this chapter.
Terms Used In Texas Government Code 1232.1115
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(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.