84R13380 JAM-D
By: Pickett H.B. No. 122
Substitute the following for H.B. No. 122:
By: Martinez C.S.H.B. No. 122
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,
2015 [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(d), Transportation Code, is
amended 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 to:
(1) pay all or part of the costs of constructing,
reconstructing, acquiring, and expanding state highways other than
toll roads, including any necessary design and acquisition of
rights-of-way, in the manner and locations determined by the
commission that, according to conclusive findings of the
commission, have an expected useful life, without material repair,
of not less than 10 years;
(2) create debt service reserve accounts;
(3) pay interest on obligations for a period of not
longer than two years; and
(4) refund or cancel outstanding obligations [for any
purpose for which obligations may be issued under this subchapter].
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 September 1, 2015.