82R10430 JAM-D
By: Pickett H.B. No. 2802
A BILL TO BE ENTITLED
AN ACT
relating to the use of the Texas Mobility Fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 201.946, Transportation Code, is amended
by amending Subsection (d) and adding Subsection (d-1) to read as
follows:
(d) To the extent money is on deposit in the fund in amounts
that are in excess of the money required by the proceedings
authorizing the obligations and credit agreements to be retained on
deposit, the commission may use the money:
(1) to repay the principal of and interest on
obligations issued under other provisions of law, including:
(A) notes issued and loans obtained as authorized
by Section 49-m, Article III, Texas Constitution; and
(B) bonds and other public securities issued, and
bond enhancement agreements entered into, as authorized by Section
49-n, Article III, Texas Constitution, as proposed by H.J.R. 28,
Acts of the 78th Legislature, Regular Session, 2003; or
(2) for any purpose for which obligations may be
issued under this subchapter.
(d-1) The commission may use money in the fund for a purpose
described by Subsection (d) only to the extent that the proceeds of
those obligations are used for purposes described by Section
201.943(d).
SECTION 2. This Act takes effect September 1, 2011.