Texas 2009 - 81st Regular

Texas House Bill HB3070 Compare Versions

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1	1	H.B. No. 3070
2	2
3	3
4	4	AN ACT
5	5	relating to the administration and powers of a coordinated county
6	6	transportation authority.
7	7	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Section 460.502, Transportation Code, is amended
9	9	by amending Subsection (d) and adding Subsection (e) to read as
10	10	follows:
11	11	(d) A bond any portion of which is secured by a pledge of
12	12	sales and use tax revenues and that has a maturity of five years or
13	13	longer from the date of issuance may not be issued by an authority
14	14	until an election has been held in the municipalities in which the
15	15	authority has been authorized to impose a sales and use tax and the
16	16	proposition proposing the issue has been approved by a majority of
17	17	the votes received on the issue [in accordance with the provisions
18	18	established for the authorization of a tax levy under Subchapter
19	19	C].
20	20	(e) Subsection (d) does not apply to the issuance of
21	21	refunding bonds or bonds described by Subsection (b)(2).
22	22	SECTION 2. Section 460.506, Transportation Code, is amended
23	23	to read as follows:
24	24	Sec. 460.506. SECURITY PLEDGED. To secure the payment of
25	25	an authority's bonds, the authority may:
26	26	(1) pledge all or part of revenue realized from any tax
27	27	that is approved and levied;
28	28	(2) pledge any part of the revenue of the public
29	29	transportation system;
30	30	(3) mortgage any part of the public transportation
31	31	system regardless of when acquired; or
32	32	(4) pledge government grants, contractual revenue, or
33	33	lease revenue.
34	34	SECTION 3. Subchapter G, Chapter 460, Transportation Code,
35	35	is amended by adding Section 460.509 to read as follows:
36	36	Sec. 460.509. OBLIGATIONS AND CREDIT AGREEMENTS. An
37	37	authority may issue obligations and enter into credit agreements
38	38	under Chapter 1371, Government Code.
39	39	SECTION 4. Section 1371.001(4), Government Code, is amended
40	40	to read as follows:
41	41	(4) "Issuer" means:
42	42	(A) a home-rule municipality that:
43	43	(i) adopted its charter under Section 5,
44	44	Article XI, Texas Constitution;
45	45	(ii) has a population of 50,000 or more; and
46	46	(iii) has outstanding long-term
47	47	indebtedness that is rated by a nationally recognized rating agency
48	48	for municipal securities in one of the four highest rating
49	49	categories for a long-term obligation;
50	50	(B) a conservation and reclamation district
51	51	created and organized as a river authority under Section 52,
52	52	Article III, or Section 59, Article XVI, Texas Constitution;
53	53	(C) a joint powers agency organized and operating
54	54	under Chapter 163, Utilities Code;
55	55	(D) a metropolitan rapid transit authority, [or]
56	56	regional transportation authority, or coordinated county
57	57	transportation authority created, organized, or [and] operating
58	58	under Chapter 451, [or] 452, or 460, Transportation Code;
59	59	(E) a conservation and reclamation district
60	60	organized or operating as a navigation district under Section 52,
61	61	Article III, or Section 59, Article XVI, Texas Constitution;
62	62	(F) a district organized or operating under
63	63	Section 59, Article XVI, Texas Constitution, that has all or part of
64	64	two or more municipalities within its boundaries;
65	65	(G) a state agency, including a state institution
66	66	of higher education;
67	67	(H) a hospital authority created or operating
68	68	under Chapter 262 or 264, Health and Safety Code, in a county that:
69	69	(i) has a population of more than 3.3
70	70	million; or
71	71	(ii) is included, in whole or in part, in a
72	72	standard metropolitan statistical area of this state that includes
73	73	a county with a population of more than 2.2 million;
74	74	(I) a hospital district in a county that has a
75	75	population of more than two million;
76	76	(J) a nonprofit corporation organized to
77	77	exercise the powers of a higher education loan authority under
78	78	Section 53B.47(e), Education Code;
79	79	(K) a county:
80	80	(i) that has a population of 3.3 million or
81	81	more; or
82	82	(ii) that, on the date of issuance of
83	83	obligations under this chapter, has authorized, outstanding, or any
84	84	combination of authorized and outstanding, indebtedness of at least
85	85	$100 million secured by and payable from the county's ad valorem
86	86	taxes and the authorized long-term indebtedness of which is rated
87	87	by a nationally recognized rating agency of securities issued by
88	88	local governments in one of the four highest rating categories for a
89	89	long-term obligation;
90	90	(L) an independent school district that has an
91	91	average daily attendance of 50,000 or more as determined under
92	92	Section 42.005, Education Code;
93	93	(M) a municipality or county operating under
94	94	Chapter 334, Local Government Code;
95	95	(N) a district created under Chapter 335, Local
96	96	Government Code;
97	97	(O) a junior college district that has a total
98	98	headcount enrollment of 40,000 or more based on enrollment in the
99	99	most recent regular semester; or
100	100	(P) an issuer, as defined by Section 1201.002,
101	101	that has:
102	102	(i) a principal amount of at least $100
103	103	million in outstanding long-term indebtedness, in long-term
104	104	indebtedness proposed to be issued, or in a combination of
105	105	outstanding or proposed long-term indebtedness; and
106	106	(ii) some amount of long-term indebtedness
107	107	outstanding or proposed to be issued that is rated in one of the
108	108	four highest rating categories for long-term debt instruments by a
109	109	nationally recognized rating agency for municipal securities,
110	110	without regard to the effect of any credit agreement or other form
111	111	of credit enhancement entered into in connection with the
112	112	obligation.
113	113	SECTION 5. (a) Any act or proceeding of a coordinated county
114	114	transportation authority is validated as of the date it occurred.
115	115	(b) This Act does not validate any governmental act or
116	116	proceeding that, under the law of this state at the time the act or
117	117	proceeding occurred, was a misdemeanor offense or a felony offense.
118	118	SECTION 6. This Act takes effect September 1, 2009.
119	119	______________________________ ______________________________
120	120	President of the Senate Speaker of the House
121	121	I certify that H.B. No. 3070 was passed by the House on April
122	122	30, 2009, by the following vote: Yeas 144, Nays 0, 1 present, not
123	123	voting.
124	124	______________________________
125	125	Chief Clerk of the House
126	126	I certify that H.B. No. 3070 was passed by the Senate on May
127	127	26, 2009, by the following vote: Yeas 31, Nays 0.
128	128	______________________________
129	129	Secretary of the Senate
130	130	APPROVED: _____________________
131	131	Date
132	132	_____________________
133	133	Governor