By: Pickett (Senate Sponsor - Nichols) H.B. No. 122
(In the Senate - Received from the House April 13, 2015;
April 23, 2015, read first time and referred to Committee on
Transportation; May 12, 2015, reported favorably by the following
vote: Yeas 9, Nays 0; May 12, 2015, sent to printer.)
Click here to see the committee vote
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) Except as otherwise provided by this subsection,
obligations [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]. The commission
may issue obligations to refund:
(1) outstanding obligations to provide savings to the
state; and
(2) outstanding variable rate obligations and may
renew or replace credit agreements relating to the variable rate
obligations.
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 for any purpose for which
obligations may be issued under this subchapter, other than for
toll roads.
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.
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