83S20008 MTB-D
By: Pickett H.B. No. 15
A BILL TO BE ENTITLED
AN ACT
relating to the Texas Mobility Fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 201.943(a) and (l), Transportation
Code, are amended to read as follows:
(a) Subject to Subsections (e), (f), [and] (g), and (l), the
commission by order or resolution may issue obligations in the name
and on behalf of the state and the department and may enter into
credit agreements related to the obligations. The obligations may
be issued in multiple series and issues from time to time in an
aggregate amount not exceeding the maximum obligation amount. The
obligations may be issued on and may have the terms and provisions
the commission determines appropriate and in the interests of the
state. The obligations may be issued as long-term obligations,
short-term obligations, or both. The latest scheduled maturity of
an issue or series of obligations may not exceed 30 years.
(l) Obligations may not be issued under this section or
Section 49-k, Article III, Texas Constitution, after January 1,
2013 [if the commission or the department requires that toll roads
be included in a regional mobility plan in order for a local
authority to receive an allocation from the fund].
SECTION 2. 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;
(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,
78th Legislature, Regular Session, 2003; and
(C) general obligation bonds issued and related
credit agreements entered into, as authorized by Section 49-p,
Article III, Texas Constitution; 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 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 on the 91st day after the last day of the
legislative session.