TEXAS PARK DEVELOPMENT FUND

Tex. PARKS & WILD Code ch. 21
in effect

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 21.019. DUTIES ENFORCEABLE.

The performance of the official duties of the comptroller may be enforced by mandamus or other appropriate proceeding.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 21.021. BONDS NEGOTIABLE INSTRUMENTS.

The bonds issued under the provisions of this chapter are negotiable instruments under the laws of this state.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 21.025. MUTILATED, LOST, OR DESTROYED BONDS.

The department may provide for the replacement of a mutilated, lost, or destroyed bond. SUBCHAPTER B. FUNDING PROVISIONS

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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 Sections 21.102 (1) and (2).

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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.

Tex. PARKS & WILD Code § 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, Sec. 13.04, eff. Aug. 22, 1991. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.363, eff. Sept. 1, 2001.
Source: TX Statutes (Official Site)URL: https://statutes.capitol.texas.gov/Fetched: 6/29/2026

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