Reports on Other Entities
An Audit Report on the Texas National Research Laboratory Commission
Report Number 95-057
The Texas National Research Laboratory Commission is managing $914 million in assets and expending funds in a manner which protects state interests during the termination of the State's portion of the Superconducting Super Collider Project. The $914 million includes $510 million in land, facilities, and equipment and $211 million in cash received in the settlement with the United States Government over cancellation of the Super Collider project. It also includes $151 million in bond proceeds, $41.7 million in debt service funds, and $600,000 in personal property assets.
The Commission issued $500 million in bonds for construction and operation of the Super Collider, of which $493.6 million is still outstanding. The $243.6 million in General Obligation Bonds is an obligation of the State and is managed by the Texas Public Finance Authority. The $250 million in Lease Revenue Bonds is managed by the Commission. Debt service payments on the Lease Revenue Bonds are made from funds appropriated to the Commission for lease payments. Future legislative appropriations will be required for debt service related to both bond issues.
The Commission is currently involved with termination of the Super Collider project and finding beneficial uses for Super Collider facilities:
The $510 million in land, facilities, and equipment, including computers, received as a result of the settlement between the State of Texas and the United States Government are subject to potential deterioration and/or obsolescence and loss of value unless timely decisions are made regarding their future use;
The State could keep a $65 million contribution from the Federal Government if a decision is made to finish construction of a Regional Medical Technology Center;
The Commission estimates the State can save $3.7 million by dismissing contested land acquisition cases. Conversely, if the State continues with land acquisition, it could take from 6 to 12 years and $24.5 million to settle the contested cases.
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