| 1 | 1 | | 81R890 JTS-D |
|---|
| 2 | 2 | | By: Bolton H.B. No. 1439 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to the use of county and municipal bond proceeds for toll |
|---|
| 8 | 8 | | projects. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. (a) Chapter 371, Transportation Code, as added |
|---|
| 11 | 11 | | by Chapter 103, Acts of the 80th Legislature, Regular Session, |
|---|
| 12 | 12 | | 2007, is amended by adding Subchapter C to read as follows: |
|---|
| 13 | 13 | | SUBCHAPTER C. FINANCING |
|---|
| 14 | 14 | | Sec. 371.101. USE OF COUNTY OR MUNICIPAL BOND PROCEEDS FOR |
|---|
| 15 | 15 | | TOLL PROJECT. A toll project entity may not finance any part of the |
|---|
| 16 | 16 | | construction of a toll project using county or municipal bond |
|---|
| 17 | 17 | | proceeds unless the use of the proceeds for the construction of the |
|---|
| 18 | 18 | | project was specifically listed in the proposition for the |
|---|
| 19 | 19 | | authorization to issue the bonds. |
|---|
| 20 | 20 | | (b) The change in law made by this section of this Act |
|---|
| 21 | 21 | | applies only to the proceeds of county or municipal bonds that are |
|---|
| 22 | 22 | | authorized at an election held on or after the effective date of |
|---|
| 23 | 23 | | this Act. |
|---|
| 24 | 24 | | SECTION 2. (a) Chapter 372, Transportation Code, is amended |
|---|
| 25 | 25 | | by adding Subchapter C to read as follows: |
|---|
| 26 | 26 | | SUBCHAPTER C. FINANCING |
|---|
| 27 | 27 | | Sec. 372.101. USE OF COUNTY OR MUNICIPAL BOND PROCEEDS FOR |
|---|
| 28 | 28 | | TOLL PROJECT. A toll project entity may not finance any part of the |
|---|
| 29 | 29 | | construction of a toll project using county or municipal bond |
|---|
| 30 | 30 | | proceeds unless the use of the proceeds for the construction of the |
|---|
| 31 | 31 | | project was specifically listed in the proposition for the |
|---|
| 32 | 32 | | authorization to issue the bonds. |
|---|
| 33 | 33 | | (b) The change in law made by this section of this Act |
|---|
| 34 | 34 | | applies only to the proceeds of county or municipal bonds that are |
|---|
| 35 | 35 | | authorized at an election held on or after the effective date of |
|---|
| 36 | 36 | | this Act. |
|---|
| 37 | 37 | | SECTION 3. (a) Section 1 of this Act takes effect only if |
|---|
| 38 | 38 | | the Act of the 81st Legislature, Regular Session, 2009, relating to |
|---|
| 39 | 39 | | nonsubstantive additions to and corrections in existing codes |
|---|
| 40 | 40 | | (H.B. __ or S.B. __) does not become law. If the Act of the 81st |
|---|
| 41 | 41 | | Legislature, Regular Session, 2009, relating to nonsubstantive |
|---|
| 42 | 42 | | additions to and corrections in existing codes (H.B. __ or S.B. __) |
|---|
| 43 | 43 | | becomes law, Section 1 of this Act has no effect. |
|---|
| 44 | 44 | | (b) Section 2 of this Act takes effect only if the Act of the |
|---|
| 45 | 45 | | 81st Legislature, Regular Session, 2009, relating to |
|---|
| 46 | 46 | | nonsubstantive additions to and corrections in existing codes |
|---|
| 47 | 47 | | (H.B. __ or S.B. __) becomes law. If the Act of the 81st |
|---|
| 48 | 48 | | Legislature, Regular Session, 2009, relating to nonsubstantive |
|---|
| 49 | 49 | | additions to and corrections in existing codes (H.B. __ or S.B. __) |
|---|
| 50 | 50 | | does not become law, Section 2 of this Act has no effect. |
|---|
| 51 | 51 | | SECTION 4. This Act takes effect September 1, 2009. |
|---|