81R890 JTS-D
By: Bolton H.B. No. 1439
A BILL TO BE ENTITLED
AN ACT
relating to the use of county and municipal bond proceeds for toll
projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. (a) Chapter 371, Transportation Code, as added
by Chapter 103, Acts of the 80th Legislature, Regular Session,
2007, is amended by adding Subchapter C to read as follows:
SUBCHAPTER C. FINANCING
Sec. 371.101. USE OF COUNTY OR MUNICIPAL BOND PROCEEDS FOR
TOLL PROJECT. A toll project entity may not finance any part of the
construction of a toll project using county or municipal bond
proceeds unless the use of the proceeds for the construction of the
project was specifically listed in the proposition for the
authorization to issue the bonds.
(b) The change in law made by this section of this Act
applies only to the proceeds of county or municipal bonds that are
authorized at an election held on or after the effective date of
this Act.
SECTION 2. (a) Chapter 372, Transportation Code, is amended
by adding Subchapter C to read as follows:
SUBCHAPTER C. FINANCING
Sec. 372.101. USE OF COUNTY OR MUNICIPAL BOND PROCEEDS FOR
TOLL PROJECT. A toll project entity may not finance any part of the
construction of a toll project using county or municipal bond
proceeds unless the use of the proceeds for the construction of the
project was specifically listed in the proposition for the
authorization to issue the bonds.
(b) The change in law made by this section of this Act
applies only to the proceeds of county or municipal bonds that are
authorized at an election held on or after the effective date of
this Act.
SECTION 3. (a) Section 1 of this Act takes effect only if
the Act of the 81st Legislature, Regular Session, 2009, relating to
nonsubstantive additions to and corrections in existing codes
(H.B. __ or S.B. __) does not become law. If the Act of the 81st
Legislature, Regular Session, 2009, relating to nonsubstantive
additions to and corrections in existing codes (H.B. __ or S.B. __)
becomes law, Section 1 of this Act has no effect.
(b) Section 2 of this Act takes effect only if the Act of the
81st Legislature, Regular Session, 2009, relating to
nonsubstantive additions to and corrections in existing codes
(H.B. __ or S.B. __) becomes law. If the Act of the 81st
Legislature, Regular Session, 2009, relating to nonsubstantive
additions to and corrections in existing codes (H.B. __ or S.B. __)
does not become law, Section 2 of this Act has no effect.
SECTION 4. This Act takes effect September 1, 2009.