H.B. No. 3070
AN ACT
relating to the administration and powers of a coordinated county
transportation authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 460.502, Transportation Code, is amended
by amending Subsection (d) and adding Subsection (e) to read as
follows:
(d) A bond any portion of which is secured by a pledge of
sales and use tax revenues and that has a maturity of five years or
longer from the date of issuance may not be issued by an authority
until an election has been held in the municipalities in which the
authority has been authorized to impose a sales and use tax and the
proposition proposing the issue has been approved by a majority of
the votes received on the issue [in accordance with the provisions
established for the authorization of a tax levy under Subchapter
C].
(e) Subsection (d) does not apply to the issuance of
refunding bonds or bonds described by Subsection (b)(2).
SECTION 2. Section 460.506, Transportation Code, is amended
to read as follows:
Sec. 460.506. SECURITY PLEDGED. To secure the payment of
an authority's bonds, the authority may:
(1) pledge all or part of revenue realized from any tax
that is approved and levied;
(2) pledge any part of the revenue of the public
transportation system;
(3) mortgage any part of the public transportation
system regardless of when acquired; or
(4) pledge government grants, contractual revenue, or
lease revenue.
SECTION 3. Subchapter G, Chapter 460, Transportation Code,
is amended by adding Section 460.509 to read as follows:
Sec. 460.509. OBLIGATIONS AND CREDIT AGREEMENTS. An
authority may issue obligations and enter into credit agreements
under Chapter 1371, Government Code.
SECTION 4. Section 1371.001(4), Government Code, is amended
to read as follows:
(4) "Issuer" means:
(A) a home-rule municipality that:
(i) adopted its charter under Section 5,
Article XI, Texas Constitution;
(ii) has a population of 50,000 or more; and
(iii) has outstanding long-term
indebtedness that is rated by a nationally recognized rating agency
for municipal securities in one of the four highest rating
categories for a long-term obligation;
(B) a conservation and reclamation district
created and organized as a river authority under Section 52,
Article III, or Section 59, Article XVI, Texas Constitution;
(C) a joint powers agency organized and operating
under Chapter 163, Utilities Code;
(D) a metropolitan rapid transit authority, [or]
regional transportation authority, or coordinated county
transportation authority created, organized, or [and] operating
under Chapter 451, [or] 452, or 460, Transportation Code;
(E) a conservation and reclamation district
organized or operating as a navigation district under Section 52,
Article III, or Section 59, Article XVI, Texas Constitution;
(F) a district organized or operating under
Section 59, Article XVI, Texas Constitution, that has all or part of
two or more municipalities within its boundaries;
(G) a state agency, including a state institution
of higher education;
(H) a hospital authority created or operating
under Chapter 262 or 264, Health and Safety Code, in a county that:
(i) has a population of more than 3.3
million; or
(ii) is included, in whole or in part, in a
standard metropolitan statistical area of this state that includes
a county with a population of more than 2.2 million;
(I) a hospital district in a county that has a
population of more than two million;
(J) a nonprofit corporation organized to
exercise the powers of a higher education loan authority under
Section 53B.47(e), Education Code;
(K) a county:
(i) that has a population of 3.3 million or
more; or
(ii) that, on the date of issuance of
obligations under this chapter, has authorized, outstanding, or any
combination of authorized and outstanding, indebtedness of at least
$100 million secured by and payable from the county's ad valorem
taxes and the authorized long-term indebtedness of which is rated
by a nationally recognized rating agency of securities issued by
local governments in one of the four highest rating categories for a
long-term obligation;
(L) an independent school district that has an
average daily attendance of 50,000 or more as determined under
Section 42.005, Education Code;
(M) a municipality or county operating under
Chapter 334, Local Government Code;
(N) a district created under Chapter 335, Local
Government Code;
(O) a junior college district that has a total
headcount enrollment of 40,000 or more based on enrollment in the
most recent regular semester; or
(P) an issuer, as defined by Section 1201.002,
that has:
(i) a principal amount of at least $100
million in outstanding long-term indebtedness, in long-term
indebtedness proposed to be issued, or in a combination of
outstanding or proposed long-term indebtedness; and
(ii) some amount of long-term indebtedness
outstanding or proposed to be issued that is rated in one of the
four highest rating categories for long-term debt instruments by a
nationally recognized rating agency for municipal securities,
without regard to the effect of any credit agreement or other form
of credit enhancement entered into in connection with the
obligation.
SECTION 5. (a) Any act or proceeding of a coordinated county
transportation authority is validated as of the date it occurred.
(b) This Act does not validate any governmental act or
proceeding that, under the law of this state at the time the act or
proceeding occurred, was a misdemeanor offense or a felony offense.
SECTION 6. This Act takes effect September 1, 2009.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3070 was passed by the House on April
30, 2009, by the following vote: Yeas 144, Nays 0, 1 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 3070 was passed by the Senate on May
26, 2009, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor