81R17970 JD-D
By: Alonzo, Branch, Harper-Brown, Anchia, H.B. No. 2738
Davis of Dallas
Substitute the following for H.B. No. 2738:
By: Pickett C.S.H.B. No. 2738
A BILL TO BE ENTITLED
AN ACT
relating to the pledge of certain revenue of a regional
transportation authority to the payment of bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 452.357(a), Transportation Code, is
amended to read as follows:
(a) To secure the payment of an authority's bonds, the
authority may:
(1) pledge all or part of revenue realized from any tax
that the authority may impose;
(2) pledge any part of the revenue of the public
transportation system;
(3) mortgage any part of the public transportation
system, including any part of the system subsequently acquired;
[and]
(4) pledge all or part of funds the federal government
has committed to the authority as grants in aid; and
(5) provide that a pledge of revenue described by
Subdivision (1) or (2) is a first lien or charge against that
revenue.
SECTION 2. Section 452.358, Transportation Code, is amended
to read as follows:
Sec. 452.358. USE [PLEDGE] OF REVENUE [LIMITED]. Revenue
in excess of amounts pledged under Section 452.357(a)(1) or (2)
shall be used to:
(1) pay the [The] expenses of operation and
maintenance of a public transportation system, including salaries,
labor, materials, and repairs necessary to provide efficient
service and every other proper item of expense; and
(2) fund operating reserves[, are a first lien and
charge against any revenue of a public transportation system that
is encumbered under this chapter].
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.