87R27613 SRA-F     By: Schwertner S.B. No. 2230     (Capriglione)     Substitute the following for S.B. No. 2230:  No.       A BILL TO BE ENTITLED   AN ACT   relating to the acquisition of real property or construction of   buildings for the purpose of operating the Texas Bullion   Depository.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter C, Chapter 1232, Government Code, is   amended by adding Section 1232.1026 to read as follows:          Sec. 1232.1026.  ISSUANCE OF BONDS FOR TEXAS BULLION   DEPOSITORY BUILDINGS. (a) The board may issue and sell bonds in   the name of the authority to finance the acquisition or   construction of buildings to be used to operate the Texas Bullion   Depository, including the acquisition of real property for that   purpose.          (b)  The comptroller shall accomplish its statutory   authority as if the property or building acquired or constructed   under this section were funded by legislative appropriation. The   board and the comptroller shall adopt a memorandum of understanding   that defines the division of authority between the board and   comptroller regarding the property or building.          (c)  To accomplish the bond financing of the acquisition or   construction of property or a building under this section, the   comptroller shall contract with the authority to purchase the   property or building from the authority under a lease-to-purchase   agreement or other comparable financing agreement, as determined by   the board and the comptroller to be in the best interest of the   state.          SECTION 2.  Chapter 2116, Government Code, is amended by   adding Subchapter C to read as follows:   SUBCHAPTER C. ACQUISITION OF REAL PROPERTY FOR DEPOSITORY          Sec. 2116.071.  ACQUISITION OF REAL PROPERTY. The   comptroller, by purchase, lease, donation, or other means, may   acquire real property necessary for one or more buildings to   operate the depository.          Sec. 2116.072.  PURCHASE OF BUILDING SUBJECT TO EXISTING   LEASES. The comptroller may:                (1)  acquire a building that is subject to a lease by a   private tenant and may continue or renew a lease for the building if   the comptroller determines that doing so is advantageous to this   state; and                (2)  renegotiate the terms of a lease described by   Subdivision (1) to obtain terms that are more favorable to this   state.          Sec. 2116.073.  LEASING PROPERTY AND USE OF LEASE PROCEEDS.   (a) The comptroller may lease at fair market value any portion of a   property acquired under this subchapter to a private tenant for   commercial activities.          (b)  Money received by the comptroller under a lease of   property acquired under this subchapter may be used by the   comptroller to:                (1)  repay obligations issued under Section 1232.1026   and used to acquire the property or construct the building; or                (2)  make payments under a lease-to-purchase agreement   or other comparable financing agreement between the comptroller and   the Texas Public Finance Authority.          Sec. 2116.074.  TITLE TO AND CONTROL OF REAL PROPERTY. The   comptroller, subject to the lease-to-purchase agreement or other   comparable financing agreement executed under Section 1232.1026,   shall obtain in the name of this state title to any real property   acquired or building constructed under this subchapter and retain   control of that real property.          Sec. 2116.075.  BORROWING MONEY; ISSUING AND SELLING BONDS.   (a) The comptroller may borrow money in the amount and under the   circumstances authorized by the legislature and may request the   Texas Public Finance Authority, on behalf of the comptroller, to   issue and sell bonds to acquire real property or construct a   building to operate the depository.          (b)  The Texas Public Finance Authority may issue and sell   bonds for the purposes of Subsection (a) in any manner and on such   terms the authority determines to be in the best interest of the   comptroller, subject to the requirements of Chapter 1202.          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, 2021.