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  S.B. No. 1657
 
 
 
 
AN ACT
  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 [The]
  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 [61st] day after the date the hearing on which the approval was
  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