Texas 2015 - 84th Regular

Texas House Bill HB1350 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	84R5301 JTS-D
2	2	By: Burkett H.B. No. 1350
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to a limitation on the amount of tolls and other charges
8	8	that may be imposed by toll project entities for the use of toll
9	9	projects.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Sections 228.012(a) and (b), Transportation
12	12	Code, are amended to read as follows:
13	13	(a) The department shall create a separate account in the
14	14	state highway fund to hold payments received by the department
15	15	under a comprehensive development agreement [and the surplus
16	16	revenue of a toll project or system]. The department shall create
17	17	subaccounts in the account for each project, system, or
18	18	region. Interest earned on money in a subaccount shall be
19	19	deposited to the credit of that subaccount.
20	20	(b) The department shall hold money in a subaccount in trust
21	21	for the benefit of the region in which a project or system is
22	22	located and may assign the responsibility for allocating money in a
23	23	subaccount to a metropolitan planning organization in which the
24	24	region is located for projects approved by the department. At the
25	25	time the project is approved by the department money shall be
26	26	allocated and distributed to projects authorized by Section
27	27	228.0055 [or Section 228.006, as applicable].
28	28	SECTION 2. Section 228.053, Transportation Code, is amended
29	29	by amending Subsections (b) and (f) and adding Subsection (b-1) to
30	30	read as follows:
31	31	(b) The tolls shall be set so that[, at a minimum,] the
32	32	aggregate of tolls from the toll project or system, together with
33	33	other revenue and contributions, if any,[:
34	34	[(1)] provides a fund sufficient, but not more than
35	35	necessary [with other revenue and contributions, if any], to:
36	36	(1) pay:
37	37	(A) the cost of maintaining, repairing, and
38	38	operating the project or system; and
39	39	(B) the principal of and interest on any
40	40	outstanding [the] bonds issued [under Subchapter C] for the project
41	41	or system as those bonds become due and payable; and
42	42	(2) create any required [creates] reserves for the
43	43	purposes listed under Subdivision (1).
44	44	(b-1) After all outstanding bonds and other obligations
45	45	secured by toll revenue of a toll project have been repaid or
46	46	otherwise satisfied, tolls collected for use of the project may be
47	47	used only for the maintenance and operation of the portion of the
48	48	project for which the tolls were collected.
49	49	(f) The revenue and disbursements for each toll project or
50	50	system shall be kept separately. The revenue from one project may
51	51	not be used to pay the cost of another project except as authorized
52	52	by Section [Sections] 228.0055 [and 228.006].
53	53	SECTION 3. Section 228.104(a), Transportation Code, is
54	54	amended to read as follows:
55	55	(a) The principal of, interest on, and any redemption
56	56	premium on bonds issued by the commission under this subchapter are
57	57	payable solely from:
58	58	(1) the revenue of the toll project or system for which
59	59	the bonds are issued, including tolls pledged to pay the bonds;
60	60	(2) the proceeds of bonds issued for the project or
61	61	system;
62	62	(3) the amounts deposited in a debt service reserve
63	63	fund as required by the trust agreement securing bonds issued for
64	64	the project or system;
65	65	(4) amounts received under a credit agreement relating
66	66	to the project or system for which the bonds are issued; and
67	67	(5) [surplus revenue of another project or system as
68	68	authorized by Section 228.006; and
69	69	[(6)] amounts received by the department:
70	70	(A) as pass-through tolls under Section 222.104;
71	71	(B) under an agreement with a local governmental
72	72	entity entered into under Section 228.254;
73	73	(C) under other agreements with a local
74	74	governmental entity relating to the project or system for which the
75	75	bonds are issued; and
76	76	(D) under a comprehensive development agreement
77	77	entered into under Section 223.201.
78	78	SECTION 4. Section 228.105, Transportation Code, is amended
79	79	to read as follows:
80	80	Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL
81	81	REVENUE BONDS. Notwithstanding any other provisions of this
82	82	subchapter, toll revenue bonds issued by the commission may:
83	83	(1) be payable from and secured by:
84	84	(A) payments made under an agreement with a local
85	85	governmental entity as provided by Section 228.254;
86	86	(B) the proceeds of bonds issued for the toll
87	87	project or system; or
88	88	(C) amounts deposited in a debt service reserve
89	89	fund as required by the trust agreement securing bonds issued for
90	90	the project or system; [or
91	91	[(D) surplus revenue of another toll project or
92	92	system as authorized by Section 228.006;] and
93	93	(2) state on their faces any pledge of revenue or taxes
94	94	and any security for the bonds under the agreement.
95	95	SECTION 5. Section 284.069, Transportation Code, is amended
96	96	to read as follows:
97	97	Sec. 284.069. TOLLS AND CHARGES. (a) A [If bonds under this
98	98	chapter are payable in whole or in part from project revenue, the]
99	99	county shall impose tolls and charges for the use of a project that
100	100	are, together with other money or revenues available for the
101	101	project, including ad valorem tax, sufficient, but not more than
102	102	necessary, to:
103	103	(1) pay the maintenance and operating expenses of the
104	104	project;
105	105	(2) pay the principal of, premium of, if any, and
106	106	interest on any outstanding [the] bonds when due;
107	107	(3) establish a reserve for payment of any outstanding
108	108	bond principal, premium, and interest; and
109	109	(4) establish an adequate fund for project
110	110	depreciation and replacement.
111	111	(b) After all outstanding bonds and other obligations
112	112	secured by toll revenue and charges of a project have been repaid or
113	113	otherwise satisfied, tolls and charges collected for use of the
114	114	project may be used only for the maintenance and operation of the
115	115	portion of the project for which the tolls and charges were
116	116	collected.
117	117	SECTION 6. Section 365.041, Transportation Code, is amended
118	118	to read as follows:
119	119	Sec. 365.041. AMOUNT OF TOLLS. (a) Revenue from tolls and
120	120	other charges under Section 365.040 may be sufficient, but not more
121	121	than necessary, to:
122	122	(1) pay all expenses necessary to maintain and operate
123	123	the toll road project;
124	124	(2) make necessary payments and otherwise comply with
125	125	any permit or franchise for maintenance or operation of the toll
126	126	road project;
127	127	(3) pay the principal and redemption price of and
128	128	interest on all bonds that the district is obligated to pay,
129	129	regardless of whether the bonds were issued as revenue bonds;
130	130	(4) pay all sinking fund or reserve fund payments
131	131	agreed to be made in connection with bonds or other obligations as
132	132	they become due and payable to establish a reasonable depreciation
133	133	and emergency fund;
134	134	(5) comply with any agreement made with the holders of
135	135	the district's bonds or other obligations or with another person on
136	136	the bondholder's behalf; and
137	137	(6) recover a reasonable rate of return on invested
138	138	capital.
139	139	(b) After all outstanding bonds and other obligations
140	140	secured by toll revenue and other charges of a toll road project
141	141	have been repaid or otherwise satisfied, tolls and other charges
142	142	collected for use of the project may be used only for the
143	143	maintenance and operation of the portion of the project for which
144	144	the tolls and other charges were collected.
145	145	SECTION 7. Section 366.113(a), Transportation Code, is
146	146	amended to read as follows:
147	147	(a) The principal of, interest on, and any redemption
148	148	premium on bonds issued by an authority are payable solely from:
149	149	(1) the revenue of the turnpike project or system for
150	150	which the bonds are issued, including tolls pledged to pay the
151	151	bonds;
152	152	(2) payments made under an agreement with the
153	153	commission or a local governmental entity as provided by Subchapter
154	154	G;
155	155	(3) money derived from any other source available to
156	156	the authority, other than money derived from a turnpike project
157	157	that is not part of the same system or money derived from a
158	158	different system[, except to the extent that the surplus revenue of
159	159	a turnpike project or system has been pledged for that purpose];
160	160	and
161	161	(4) amounts received under a credit agreement relating
162	162	to the turnpike project or system for which the bonds are issued.
163	163	SECTION 8. Section 366.173, Transportation Code, is amended
164	164	by amending Subsection (b) and adding Subsection (b-1) to read as
165	165	follows:
166	166	(b) Tolls must be set so that the aggregate of tolls from an
167	167	authority's turnpike project or system, together with other revenue
168	168	of the turnpike project or system[:
169	169	[(1)] provides revenue sufficient, but not more than
170	170	necessary, to:
171	171	(1) pay:
172	172	(A) the cost of maintaining, repairing, and
173	173	operating the turnpike project or system; and
174	174	(B) the principal of and interest on any
175	175	outstanding [the] bonds issued for the turnpike project or system
176	176	as those bonds become due and payable; and
177	177	(2) create any required [creates] reserves for a
178	178	purpose listed under Subdivision (1).
179	179	(b-1) After all outstanding bonds and other obligations
180	180	secured by toll revenue of a turnpike project have been repaid or
181	181	otherwise satisfied, tolls collected for use of the project may be
182	182	used only for the maintenance and operation of the portion of the
183	183	project for which the tolls were collected.
184	184	SECTION 9. Section 370.113(a), Transportation Code, is
185	185	amended to read as follows:
186	186	(a) The principal of, interest on, and any redemption
187	187	premium on bonds issued by an authority are payable solely from:
188	188	(1) the revenue of the transportation project for
189	189	which the bonds are issued;
190	190	(2) payments made under an agreement with the
191	191	commission, the department, or other governmental entity as
192	192	authorized by this chapter;
193	193	(3) money derived from any other source available to
194	194	the authority, other than money derived from a transportation
195	195	project that is not part of the same system or money derived from a
196	196	different system, except to the extent that the surplus revenue of a
197	197	transportation project or system, other than a turnpike project,
198	198	has been pledged for that purpose;
199	199	(4) amounts received under a credit agreement relating
200	200	to the transportation project for which the bonds are issued; and
201	201	(5) the proceeds of the sale of other bonds.
202	202	SECTION 10. Section 370.172, Transportation Code, is
203	203	amended by amending Subsection (b) and adding Subsection (b-1) to
204	204	read as follows:
205	205	(b) Tolls, fees, fares, or other charges must be set at
206	206	rates or amounts so that the aggregate of tolls, fees, fares, or
207	207	other charges from an authority's transportation project, together
208	208	with other revenue of the transportation project[:
209	209	[(1)] provides revenue sufficient, but not more than
210	210	necessary, to:
211	211	(1) pay:
212	212	(A) the cost of maintaining, repairing, and
213	213	operating the transportation project;
214	214	(B) the principal of and interest on any
215	215	outstanding bonds issued for the transportation project as those
216	216	bonds become due and payable; and
217	217	(C) any other payment obligations of an authority
218	218	under a contract or agreement authorized under this chapter; and
219	219	(2) create any required [creates] reserves for a
220	220	purpose listed under Subdivision (1).
221	221	(b-1) After all outstanding bonds and other obligations
222	222	secured by toll revenue or fees, fares, or other charges of a
223	223	transportation project have been repaid, tolls or fees, fares, or
224	224	other charges collected for use of the project may be used only for
225	225	the maintenance and operation of the portion of the project for
226	226	which the amounts were collected.
227	227	SECTION 11. Subchapter B, Chapter 372, Transportation Code,
228	228	is amended by adding Section 372.054 to read as follows:
229	229	Sec. 372.054. LIMIT ON TOLL COLLECTIONS. (a) A toll project
230	230	entity may not set tolls or other charges for use of a project in an
231	231	amount that exceeds the amount necessary to:
232	232	(1) pay bonds and other obligations secured by the
233	233	revenue as required by a bond resolution or trust agreement; and
234	234	(2) provide for the maintenance and operation of the
235	235	project.
236	236	(b) After all outstanding bonds and other obligations
237	237	secured by toll revenue and other charges of a transportation
238	238	project have been repaid or otherwise satisfied, tolls and other
239	239	charges collected for use of the project may be used only for the
240	240	maintenance and operation of the portion of the project for which
241	241	the tolls or charges were collected.
242	242	SECTION 12. The following provisions of the Transportation
243	243	Code are repealed:
244	244	(1) Section 228.006;
245	245	(2) Section 228.109(d);
246	246	(3) Section 366.003(9-a);
247	247	(4) Section 366.037; and
248	248	(5) Section 366.175.
249	249	SECTION 13. This Act takes effect immediately if it
250	250	receives a vote of two-thirds of all the members elected to each
251	251	house, as provided by Section 39, Article III, Texas Constitution.
252	252	If this Act does not receive the vote necessary for immediate
253	253	effect, this Act takes effect September 1, 2015.