| 1 | 1 | | S.B. No. 293 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | AN ACT |
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| 5 | 5 | | relating to the pledge of certain revenue of a regional |
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| 6 | 6 | | transportation authority to the payment of bonds. |
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| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Subsection (a), Section 452.357, Transportation |
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| 9 | 9 | | Code, is amended to read as follows: |
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| 10 | 10 | | (a) To secure the payment of an authority's bonds, the |
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| 11 | 11 | | authority may: |
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| 12 | 12 | | (1) pledge all or part of revenue realized from any tax |
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| 13 | 13 | | that the authority may impose; |
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| 14 | 14 | | (2) pledge any part of the revenue of the public |
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| 15 | 15 | | transportation system; |
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| 16 | 16 | | (3) mortgage any part of the public transportation |
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| 17 | 17 | | system, including any part of the system subsequently acquired; |
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| 18 | 18 | | [and] |
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| 19 | 19 | | (4) pledge all or part of funds the federal government |
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| 20 | 20 | | has committed to the authority as grants in aid; and |
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| 21 | 21 | | (5) provide that a pledge of revenue described by |
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| 22 | 22 | | Subdivision (1) or (2) is a first lien or charge against that |
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| 23 | 23 | | revenue. |
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| 24 | 24 | | SECTION 2. Section 452.358, Transportation Code, is amended |
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| 25 | 25 | | to read as follows: |
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| 26 | 26 | | Sec. 452.358. USE [PLEDGE] OF REVENUE [LIMITED]. Revenue |
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| 27 | 27 | | in excess of amounts pledged under Section 452.357(a)(1) or (2) |
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| 28 | 28 | | shall be used to: |
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| 29 | 29 | | (1) pay the [The] expenses of operation and |
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| 30 | 30 | | maintenance of a public transportation system, including salaries, |
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| 31 | 31 | | labor, materials, and repairs necessary to provide efficient |
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| 32 | 32 | | service and every other proper item of expense; and |
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| 33 | 33 | | (2) fund operating reserves[, are a first lien and |
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| 34 | 34 | | charge against any revenue of a public transportation system that |
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| 35 | 35 | | is encumbered under this chapter]. |
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| 36 | 36 | | SECTION 3. This Act takes effect immediately if it receives |
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| 37 | 37 | | a vote of two-thirds of all the members elected to each house, as |
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| 38 | 38 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 39 | 39 | | Act does not receive the vote necessary for immediate effect, this |
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| 40 | 40 | | Act takes effect September 1, 2009. |
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| 41 | 41 | | ______________________________ ______________________________ |
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| 42 | 42 | | President of the Senate Speaker of the House |
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| 43 | 43 | | I hereby certify that S.B. No. 293 passed the Senate on |
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| 44 | 44 | | March 19, 2009, by the following vote: Yeas 31, Nays 0. |
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| 45 | 45 | | ______________________________ |
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| 46 | 46 | | Secretary of the Senate |
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| 47 | 47 | | I hereby certify that S.B. No. 293 passed the House on |
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| 48 | 48 | | May 5, 2009, by the following vote: Yeas 144, Nays 0, one present |
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| 49 | 49 | | not voting. |
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| 50 | 50 | | ______________________________ |
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| 51 | 51 | | Chief Clerk of the House |
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| 52 | 52 | | Approved: |
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| 53 | 53 | | ______________________________ |
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| 54 | 54 | | Date |
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| 55 | 55 | | ______________________________ |
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| 56 | 56 | | Governor |
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