LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION April 27, 2015 TO: Honorable Robert Nichols, Chair, Senate Committee on Transportation FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB122 by Pickett (Relating to the Texas Mobility Fund.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would amend the Transportation Code to specify that the Texas Transportation Commission may not issue obligations under Section 49-k, Article III, Texas Constitution (Texas Mobility Fund) after January 1, 2015, except for obligations issued to refund outstanding obligations and renew or replace credit agreements related to variable rate obligations. The bill would prohibit the use of money in the fund that is in excess of amounts needed to pay debt service for toll roads.As of February 2015 the Texas Mobility Fund (TMF) bond program is at its statutorily authorized capacity, and the Texas Department of Transportation (TxDOT) does not plan to issue additional new money TMF bonds in fiscal years 2015 through 2017. However, TxDOT assumes additional bond capacity would be available to fund transportation projects in fiscal year 2018 under current law. This analysis does not include estimates of the loss of potential additional bond proceeds for transportation projects and the associated savings to the TMF for debt service costs that would be avoided as a result of the bill. Based on the analysis provided by TxDOT, it is assumed the provisions of the bill would not result in a significant fiscal impact to the state. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:601 Department of Transportation LBB Staff: UP, TG, AG, NV
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
April 27, 2015
TO: Honorable Robert Nichols, Chair, Senate Committee on Transportation FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB122 by Pickett (Relating to the Texas Mobility Fund.), As Engrossed
TO: Honorable Robert Nichols, Chair, Senate Committee on Transportation
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB122 by Pickett (Relating to the Texas Mobility Fund.), As Engrossed
Honorable Robert Nichols, Chair, Senate Committee on Transportation
Honorable Robert Nichols, Chair, Senate Committee on Transportation
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB122 by Pickett (Relating to the Texas Mobility Fund.), As Engrossed
HB122 by Pickett (Relating to the Texas Mobility Fund.), As Engrossed
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Transportation Code to specify that the Texas Transportation Commission may not issue obligations under Section 49-k, Article III, Texas Constitution (Texas Mobility Fund) after January 1, 2015, except for obligations issued to refund outstanding obligations and renew or replace credit agreements related to variable rate obligations. The bill would prohibit the use of money in the fund that is in excess of amounts needed to pay debt service for toll roads.As of February 2015 the Texas Mobility Fund (TMF) bond program is at its statutorily authorized capacity, and the Texas Department of Transportation (TxDOT) does not plan to issue additional new money TMF bonds in fiscal years 2015 through 2017. However, TxDOT assumes additional bond capacity would be available to fund transportation projects in fiscal year 2018 under current law. This analysis does not include estimates of the loss of potential additional bond proceeds for transportation projects and the associated savings to the TMF for debt service costs that would be avoided as a result of the bill. Based on the analysis provided by TxDOT, it is assumed the provisions of the bill would not result in a significant fiscal impact to the state.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 601 Department of Transportation
601 Department of Transportation
LBB Staff: UP, TG, AG, NV
UP, TG, AG, NV