By: Wray H.B. No. 3918
A BILL TO BE ENTITLED
AN ACT
relating to private activity bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 1372, Government Code is
amended by adding Section 1372.007 as follows:
Sec. 1372.007. PROHIBITED USE OF BONDS. Notwithstanding
any other provision of this chapter, no bonds may be issued to
finance, in whole or in part, the construction or operation of an
electric railway as defined by Section 131.011 Transportation Code
or high speed rail as defined by Section 111.103(a) Transportation
Code, that is capable of operating at speeds greater than 100 miles
per hour, between two municipalities in this state.
SECTION 2. 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.