The following words and terms, when used in this chapter, shall
have the following meanings, unless the context clearly indicates
otherwise.
(1) Act--The Texas Public Finance Authority Act, Texas
Government Code, Chapter 1232.
(2) Authority--The Texas Public Finance Authority,
together with any successor to its duties and functions.
(3) Board--The board of directors of the authority,
the governing body of the authority.
(4) Bond Review Board--The Bond Review Board as created
by the Texas Legislature pursuant to Texas Government Code, Chapter
1231, or any successor to its duties and functions.
(5) Bonds--Public securities issued by the authority
pursuant to a constitutional provision and the Act, the Act, or other
legislation, including bonds, notes and commercial paper.
(6) Capitalized interest--That portion of the proceeds
of bonds which represents interest to be capitalized and payable prior
to completion of acquisition, construction, or renovation of the projects
being financed with such bonds.
(7) Client Agency--A state agency or institution of
higher education, or other entity on whose behalf the board may issue
bonds.
(8) Code--The Internal Revenue Code of 1986.
(9) Commercial paper notes--Variable rate public securities
that mature in not more than 270 days and issued by the authority
pursuant to a constitutional provision and the Act, the Act, or other
legislation.
(10) Comptroller--The Comptroller of Public Accounts
of the State of Texas, or any successor thereto.
(11) Constitutional provision--A provision of the Texas
Constitution that authorizes the issuance of general obligation bonds
by the authority; namely: Article III, §49-h; Article III, §49(e);
Article III, §49(i); Article III, §49-l; Article III, §49-n;
Article III, §50-f; Article III, §50-g; or Article III, §67.
(12) Construction schedule--The time period and sequence
of action during which the actual construction of a project or projects
is planned to be accomplished.
(13) Costs of issuance--The costs related to the issuance
of any issue of bonds, including, but not limited to:
(A) financing charges, including insuring principal
and interest payment on the bonds or obtaining other credit enhancement
for the bonds;
(B) professional fees and expenses, including architectural,
engineering, surveying, and legal services;
(C) administrative expenses of the authority to the
extent provided by law;
(D) the authority's or the paying agent/registrar's
charges and expenses;
(E) rating agency fees;
(F) bond printing expenses; and
(G) such other expenses as may be necessary or incident
to issuing and marketing of the bonds.
(14) Debt service fund--Generally, the fund created
in financing documents to contain money for the payment of debt service
on the bonds.
(15) Disbursement--The transfer of bond proceeds within
a project fund from the authority's control to the client agency's
control.
(16) Expenditure schedule--The schedule controlling
the frequency and amounts of expenditures from bond proceeds and used
for payment of duly authorized expenses relating to a project.
(17) Executive director--The executive director, or
other authorized agent of the authority empowered by the board to
perform the duties of the executive director.
(18) Financing documents--Those documents approved
by the board relating to the issuance of bonds, including, but not
limited to, bond resolutions, financing agreements, funds management
agreements, lease agreements, and official statements.
(19) General appropriations act--Any legislative act
appropriating money for the operation of state government.
(20) General obligation bond--A bond issued on behalf
of the State of Texas, the repayment of which is guaranteed by the
full faith and credit of the State of Texas and which has been authorized
by the Texas Constitution.
(21) Legislature--The Legislature of the State of Texas.
(22) Memorandum of understanding--The document executed
by the authority and a client agency that defines the division of
authority and responsibility between the authority and a client agency.
(23) Plans and specifications--The plans and specifications
for each respective project, as the same may be amended from time
to time.
(24) Project--The construction, renovation, acquisition,
or equipping a building, structure, or other facility, and the component
parts thereof, or program authorized by the legislature for financing
by a debt issuance.
(25) Project Summary--A general description of the
project that will be paid for with proceeds of bonds or commercial
paper notes including, but not limited to:
(A) a complete description of the facility or project
together with a justification of such facility or project prepared
by the client agency;
(B) a description of the proposed facility prepared
by an architect/engineer and including schematic plans and outline
specifications describing the type of construction and probable materials
to be used, sufficient to establish the general scope and quality
of construction;
(C) an estimate of the probable cost of construction;
(D) a description of the proposed site of the project
and an estimate of the cost of site preparation;
(E) an overall estimate of the cost of the project;
(F) a description of the program to be financed, including
costs and a schedule of expenditures; and
(G) other information as required by the authority.
(26) Project costs--To the extent authorized by law
or regulation, all costs incurred by the authority, or any client
agency requesting financing of a project with respect to the acquisition,
construction, or equipment of new facilities, for major repair or
renovation of existing facilities, or other qualified project expenditure
including, but not limited to, the costs of:
(A) the acquisition of all land, rights-of-way, property
rights, easements, and interests;
(B) all furnishings, machinery, and equipment;
(C) necessary contingency funds;
(D) architectural, engineering, and legal services;
(E) plans, specifications, surveys, and estimates of
cost and revenue, including a master plan;
(F) contracts necessary or incident to determining
the feasibility and practicability of a project;
(G) administrative expenses of the authority which
are necessary and related to a project to the extent provided by law;
and
(H) such other contracts as may be necessary or incident
to the carrying out or start-up of any project, including the refunding
or refinancing of any outstanding obligations, mortgages, or advances
issued, made, or given by any person for any of the aforementioned
costs; or
(I) costs anticipated to be necessary to fund a program.
(27) Project fund--The fund created in financing documents
for the payment of project costs.
(28) Regulations--The Income Tax Regulations promulgated
pursuant to the Code.
(29) Revenue bond--A bond issued by the authority,
the repayment of which depends on:
(A) the pledge of all or any part of the designated
rents, issues, and profits from leasing the project to the State of
Texas through the client agency; or
(B) from any other source of funds lawfully available
to the authority.
(30) TDCJ--The Texas Department of Criminal Justice,
together with any successor to its duties and functions.
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