By: Nichols S.B. No. 1172
(In the Senate - Filed March 10, 2015; March 17, 2015, read
first time and referred to Committee on Transportation;
April 7, 2015, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 8, Nays 0; April 7, 2015,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1172 By: Nichols
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of obligations payable from and secured by
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 obligations.
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.
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