PARKS AND WILDLIFE CODE
TITLE 3. PARKS
CHAPTER 21. TEXAS PARK DEVELOPMENT FUND
§ 21.001. ISSUANCE OF PARK DEVELOPMENT BONDS. The
department, by resolution of the commission, from time to time may
provide for the issuance of negotiable bonds in an aggregate amount
not to exceed $75 million pursuant to the provisions of Article III,
Section 49-e, of the Texas Constitution. All bonds provided for
under this section shall be issued by the Texas Public Finance
Authority, acting on behalf of the department. In connection with
the issuance of such bonds, the Texas Public Finance Authority is
subject to all rights, duties, and conditions set forth in this
chapter with respect to the issuance of bonds by the department.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1991, 72nd Leg., 1st C.S., ch. 4, § 14.07, eff.
Jan. 1, 1992.
§ 21.002. DESCRIPTION OF BONDS. The bonds are called
State of Texas Park Development Bonds and shall be issued on a
parity. The department may issue them in one or several
installments and shall date the bonds of each issue.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.003. SALE PRICE. The department may not sell an
installment or series of bonds for an amount less than the face
value of all of the bonds comprising the installment or series with
the accrued interest from their date of issuance.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.004. INTEREST RATE. The department shall
determine the rate of interest of an installment or series of bonds
and shall determine whether interest is payable annually or
semiannually.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.005. FORM, DENOMINATION, PLACE OF PAYMENT. The
department shall determine:
(1) the form of the bonds, including the form of any
interest coupons to be attached;
(2) the denominations of the bonds; and
(3) the places for payment of principal and interest.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.006. MATURITY. The bonds of each issue mature,
serially or otherwise, not more than 40 years from their date.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.007. REDEMPTION BEFORE MATURITY. In the
resolution providing for the issuance of bonds, the department may
determine the price, terms, and conditions for redemption of bonds
before maturity.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.008. REGISTERED AND BEARER BONDS. The resolution
may provide for the registration of bonds as to ownership,
successive conversion and reconversion from bearer to registered
bonds, and successive conversion and reconversion from registered
to bearer bonds.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.009. NOTICE OF BOND SALE. (a) After determining
to sell a series of bonds, the department shall publish notice of
the sale at least one time not less than 10 days before the date of
the sale. The notice shall be published in one or more recognized
financial publications of general circulation published in the
state and one or more recognized financial publications of general
circulation published outside the state.
(b) The department may publish notice of the sale more than
once and in more than one publication.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.010. COMPETITIVE BIDS. The bonds shall be sold
only after competitive bidding to the highest and best bidder. The
department may reject any or all bids.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.011. SECURITY FOR BIDS. The department shall
require every bidder, except administrators of state funds, to
include with their bid an exchange or cashier's check for an amount
the department considers adequate as a forfeit guaranteeing
acceptance of and payment for all bonds covered by the bid.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.012. APPROVAL OF BONDS; REGISTRATION. Before
delivering bonds to the purchasers, the department shall submit the
bonds and the records pertaining to them for approval by the
attorney general. When approval is obtained, the bonds shall be
registered in the office of the comptroller of public accounts.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.013. EXECUTION OF BONDS. (a) The bonds shall be
executed on behalf of the department as general obligations of the
state as provided in this section.
(b) The bonds shall be signed by the presiding officer and
the director, and the seal of the department shall be impressed on
them.
(c) The bonds shall be signed by the governor and attested
by the secretary of state, and the state seal shall be impressed on
them.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 2001, 77th Leg., ch. 968, § 49, eff. Sept. 1,
2001.
§ 21.014. FACSIMILE SIGNATURES AND SEALS. In the
resolution authorizing the issuance of an installment or series of
bonds, the commission may prescribe the extent to which facsimile
signatures and facsimile seals instead of manual signatures and
manually impressed seals may be used in executing the bonds and
appurtenant coupons. Interest coupons may be signed by the
facsimile signatures of the presiding officer and the director.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 2001, 77th Leg., ch. 968, § 50, eff. Sept. 1,
2001.
§ 21.015. SIGNATURE OF FORMER OFFICER. If an officer
whose signature or facsimile signature appears on a bond or whose
facsimile signature appears on a coupon ceases to be an officer
before the delivery of the bond, the signature is valid and
sufficient for all purposes as if he had remained in office until
the delivery had been made.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.016. BONDS INCONTESTABLE, VALID, AND
BINDING. (a) After approval by the attorney general,
registration by the comptroller, and delivery to the purchaser, the
bonds are incontestable and constitute general obligations of the
state.
(b) After approval by the attorney general and registration
by the comptroller, the bonds shall be held to be valid and binding
obligations of the state in any action, suit, or other proceeding in
which their validity is questioned.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.017. EVIDENCE OF VALIDITY. In an action to enforce
collection of the bonds or rights incident to the bonds, the
certificate of approval by the attorney general and a certificate
of registration by the comptroller, or certified copies of these
certificates, shall be received in evidence as proof of the
validity of the bonds.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.018. PAYMENT BY COMPTROLLER. The comptroller
shall pay or cause to be paid the principal on bonds as they mature
and the interest as it becomes payable.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1997, 75th Leg., ch. 1423, § 17.03, eff. Sept. 1,
1997.
§ 21.019. DUTIES ENFORCEABLE. The performance of the
official duties of the comptroller may be enforced by mandamus or
other appropriate proceeding.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1997, 75th Leg., ch. 1423, § 17.04, eff. Sept. 1,
1997.
§ 21.020. REFUNDING BONDS. The commission may provide
by resolution for the issuance of refunding bonds. The department
may sell these bonds and use the proceeds to retire the outstanding
bonds issued under this chapter, including interest accrued on
outstanding bonds, or the department may exchange refunding bonds
for outstanding bonds, including accrued interest. The issuance of
the refunding bonds, their maturity, the rights of the bondholders,
and the duties of the department with respect to refunding bonds are
governed by the provisions of this chapter relating to the original
bonds, to the extent they are applicable and by refunding statutes
of general application not in conflict with the provisions of this
chapter.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.021. BONDS NEGOTIABLE INSTRUMENTS. The bonds
issued under the provisions of this chapter are negotiable
instruments under the laws of this state.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.022. BONDS NOT TAXABLE. Bonds issued under this
chapter, income from the bonds, and profit made on their sale are
free from taxation within this state.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.023. AUTHORIZED INVESTMENTS. Bonds issued under
this chapter are legal and authorized investments for:
(1) banks;
(2) savings banks;
(3) trust companies;
(4) building and loan and savings and loan
associations;
(5) insurance companies;
(6) fiduciaries;
(7) trustees;
(8) guardians; and
(9) sinking funds of cities, towns, villages,
counties, school districts, and other political subdivisions and
public agencies of the state.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.024. SECURITY FOR DEPOSIT OF FUNDS. Bonds issued
under this chapter, when accompanied by all appurtenant unmatured
coupons, are lawful and sufficient security for all deposits of
funds of the state or of a city, town, village, county, school
district, or other political subdivision or agency of the state, at
the par value of the bonds.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.025. MUTILATED, LOST, OR DESTROYED BONDS. The
department may provide for the replacement of a mutilated, lost, or
destroyed bond.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
SUBCHAPTER B. FUNDING PROVISIONS
§ 21.101. TEXAS PARK DEVELOPMENT FUND. (a) The Texas
Park Development Fund, referred to as the "development fund," is
created pursuant to the provisions of Article III, Section 49-e, of
the Texas Constitution.
(b) Proceeds derived from the sale of Texas Park Development
Bonds shall be deposited in the development fund.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.102. USE OF DEVELOPMENT FUND. The department may
use the development fund only for:
(1) acquiring state park sites from the United States
or any of its agencies, agencies of the state, or any other person;
(2) improving, developing, beautifying, and equipping
acquired park sites; and
(3) paying expenses incurred in issuing bonds.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.103. ACQUIRING PARK SITES. (a) Except as
provided in Subsection (b) of this section, the department may
acquire park sites, including property already devoted to public
use, by purchase, condemnation, or other manner.
(b) Except as provided in Subchapter O of Chapter 22 of this
code, no real property of the state or a political subdivision of
the state may be acquired without its consent.
(c) The department shall exercise the power of eminent
domain in the manner prescribed by general law, including the
provisions of Section 13.305 of this code.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1979, 66th Leg., p. 1809, ch. 736, § 3, eff. Aug.
27, 1979.
§ 21.104. CONTRACTS AUTHORIZED. The department may
contract with any state or federal agency or with any other person
to accomplish the functions prescribed by Subdivisions (1) and (2)
of Section 22.102 of this code.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.105. INTEREST AND SINKING FUND. The Texas park
development bonds interest and sinking fund, referred to as the
"interest and sinking fund," is created to be used exclusively for:
(1) paying the principal of Texas Park Development
Bonds as they mature;
(2) paying the interest on the bonds as it comes due;
and
(3) paying exchange and collection charges in
connection with the bonds.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.106. CREDITS TO INTEREST AND SINKING
FUND. (a) Accrued interest received in the sale of bonds, net
income received from entrance or gate fees to state park sites, and
income from investments of the development fund and the interest
and sinking fund shall be credited to the interest and sinking fund.
A portion of the net income from the sale of conservation permits
authorized by Chapter 43 of the Parks and Wildlife Code may be
credited to the interest and sinking fund.
(b) In the resolution authorizing a series of bonds, the
commission may appropriate from the proceeds of the sale of bonds an
amount which, together with accrued interest received, is
sufficient to pay interest coupons coming due during the fiscal
year in which the bonds are sold and to establish appropriate
reserves.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1991, 72nd Leg., ch. 883, § 2, eff. Sept. 1,
1991.
§ 21.1061. REPORT TO BOND REVIEW BOARD. The commission
shall file with the Bond Review Board a report on the performance of
the interest and sinking fund and the development fund. The board
shall review the reports filed by the commission under this section
to assess the performance of the funds in repaying bonds issued
under this chapter. The filing dates and the contents of the
reports must comply with any rules adopted by the board.
Added by Acts 1991, 72nd Leg., 1st C.S., ch. 4, § 13.04, eff.
Aug. 22, 1991. Amended by Acts 2001, 77th Leg., ch. 1420, §
8.363, eff. Sept. 1, 2001.
§ 21.107. ADDITIONAL TRANSFERS. (a) If the amount
credited to the sinking and interest fund at the end of the fiscal
year is insufficient to pay the interest coming due and the
principal maturing on bonds for the next fiscal year, the
comptroller shall transfer from the first money coming into the
treasury, not otherwise appropriated by the constitution, an amount
stipulated in the certification of the director as is necessary to
pay the interest and principal on the bonds.
(b) The director shall certify the amount required to be
stipulated by Subsection (a) of this section as of August 15 of each
fiscal year.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1997, 75th Leg., ch. 1423, § 17.05, eff. Sept. 1,
1997.
§ 21.108. INTEREST AND SINKING FUND: FINAL
TRANSFER. After all bonds have been paid, the balance of the
interest and sinking fund shall be transferred to the state parks
account.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1993, 73rd Leg., ch. 679, § 20, eff. Sept. 1,
1993.
§ 21.109. TRANSFERS REQUIRED. The state comptroller
shall make any transfer required by this chapter.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.110. INVESTMENT OF FUNDS. (a) The department may
invest the development fund and, in making the investments, is
governed by the provisions of Chapter 401, Acts of the 60th
Legislature, Regular Session, 1967.
(b) The department may invest the interest and sinking fund
only in direct obligations of the United States or in obligations
the principal and interest of which are guaranteed by the United
States.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
§ 21.111. ENTRY FEES TO PARKS. (a) The department,
wherever feasible may charge and collect an entrance fee to state
park sites.
(b) Income derived from the fees required by this section,
less expenses incurred in collecting the fees, shall be deposited
in a special fund with the comptroller. The amounts deposited are
net income.
(c) If any state park site includes a public beach on the
seaward shore of the Gulf of Mexico, extending from the line of mean
low tide to the line of vegetation, over which the public has
acquired a right of use or easement to or over the area by
prescription or dedication or has retained a right by virtue of
continuous right in the public, no entrance or gate fee may be
charged to persons desiring to enter or to leave the public beach
area, so long as the persons do not enter any other portion of the
park for which an entrance or gate fee is charged.
Acts 1975, 64th Leg., p. 1405, ch. 545, § 1, eff. Sept. 1, 1975.
Amended by Acts 1975, 64th Leg., p. 1211, ch. 456, § 11, eff.
Sept. 1, 1975; Acts 1991, 72nd Leg., ch. 883, § 2, eff. Sept. 1,
1991; Acts 1997, 75th Leg., ch. 1423, § 17.06, eff. Sept. 1,
1997.
