| 1 | 1 | | By: Nichols S.B. No. 1172 |
|---|
| 2 | 2 | | (In the Senate - Filed March 10, 2015; March 17, 2015, read |
|---|
| 3 | 3 | | first time and referred to Committee on Transportation; |
|---|
| 4 | 4 | | April 7, 2015, reported adversely, with favorable Committee |
|---|
| 5 | 5 | | Substitute by the following vote: Yeas 8, Nays 0; April 7, 2015, |
|---|
| 6 | 6 | | sent to printer.) |
|---|
| 7 | 7 | | Click here to see the committee vote |
|---|
| 8 | 8 | | COMMITTEE SUBSTITUTE FOR S.B. No. 1172 By: Nichols |
|---|
| 9 | 9 | | |
|---|
| 10 | 10 | | |
|---|
| 11 | 11 | | A BILL TO BE ENTITLED |
|---|
| 12 | 12 | | AN ACT |
|---|
| 13 | 13 | | relating to the issuance of obligations payable from and secured by |
|---|
| 14 | 14 | | the Texas Mobility Fund. |
|---|
| 15 | 15 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 16 | 16 | | SECTION 1. Sections 201.943(a) and (l), Transportation |
|---|
| 17 | 17 | | Code, are amended to read as follows: |
|---|
| 18 | 18 | | (a) Subject to Subsections (e), (f), [and] (g), and (l), the |
|---|
| 19 | 19 | | commission by order or resolution may issue obligations in the name |
|---|
| 20 | 20 | | and on behalf of the state and the department and may enter into |
|---|
| 21 | 21 | | credit agreements related to the obligations. The obligations may |
|---|
| 22 | 22 | | be issued in multiple series and issues from time to time in an |
|---|
| 23 | 23 | | aggregate amount not exceeding the maximum obligation amount. The |
|---|
| 24 | 24 | | obligations may be issued on and may have the terms and provisions |
|---|
| 25 | 25 | | the commission determines appropriate and in the interests of the |
|---|
| 26 | 26 | | state. The obligations may be issued as long-term obligations, |
|---|
| 27 | 27 | | short-term obligations, or both. The latest scheduled maturity of |
|---|
| 28 | 28 | | an issue or series of obligations may not exceed 30 years. |
|---|
| 29 | 29 | | (l) Except as otherwise provided by this subsection, |
|---|
| 30 | 30 | | obligations [Obligations] may not be issued under this section or |
|---|
| 31 | 31 | | Section 49-k, Article III, Texas Constitution, after January 1, |
|---|
| 32 | 32 | | 2015 [if the commission or the department requires that toll roads |
|---|
| 33 | 33 | | be included in a regional mobility plan in order for a local |
|---|
| 34 | 34 | | authority to receive an allocation from the fund]. The commission |
|---|
| 35 | 35 | | may issue obligations to refund: |
|---|
| 36 | 36 | | (1) outstanding obligations to provide savings to the |
|---|
| 37 | 37 | | state; and |
|---|
| 38 | 38 | | (2) outstanding variable rate obligations and may |
|---|
| 39 | 39 | | renew or replace credit agreements relating to the obligations. |
|---|
| 40 | 40 | | SECTION 2. This Act takes effect immediately if it receives |
|---|
| 41 | 41 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 42 | 42 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 43 | 43 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 44 | 44 | | Act takes effect September 1, 2015. |
|---|
| 45 | 45 | | * * * * * |
|---|