Texas 2015 - 84th Regular

Texas Senate Bill SB485 Compare Versions

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

Old	New	Differences
1	1	84R3528 JAM-D
2	2	By: Kolkhorst S.B. No. 485
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the cessation of tolls by toll project entities in
8	8	certain circumstances.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Sections 228.012(a) and (b), Transportation
11	11	Code, are amended to read as follows:
12	12	(a) The department shall create a separate account in the
13	13	state highway fund to hold payments received by the department
14	14	under a comprehensive development agreement [and the surplus
15	15	revenue of a toll project or system]. The department shall create
16	16	subaccounts in the account for each project, system, or
17	17	region. Interest earned on money in a subaccount shall be
18	18	deposited to the credit of that subaccount.
19	19	(b) The department shall hold money in a subaccount in trust
20	20	for the benefit of the region in which a project or system is
21	21	located and may assign the responsibility for allocating money in a
22	22	subaccount to a metropolitan planning organization in which the
23	23	region is located for projects approved by the department. At the
24	24	time the project is approved by the department money shall be
25	25	allocated and distributed to projects authorized by Section
26	26	228.0055 [or Section 228.006, as applicable].
27	27	SECTION 2. Section 228.053(f), Transportation Code, is
28	28	amended to read as follows:
29	29	(f) The revenue and disbursements for each toll project or
30	30	system shall be kept separately. The revenue from one project may
31	31	not be used to pay the cost of another project except as authorized
32	32	by Section [Sections] 228.0055 [and 228.006].
33	33	SECTION 3. Section 228.104(a), Transportation Code, is
34	34	amended to read as follows:
35	35	(a) The principal of, interest on, and any redemption
36	36	premium on bonds issued by the commission under this subchapter are
37	37	payable solely from:
38	38	(1) the revenue of the toll project or system for which
39	39	the bonds are issued, including tolls pledged to pay the bonds;
40	40	(2) the proceeds of bonds issued for the project or
41	41	system;
42	42	(3) the amounts deposited in a debt service reserve
43	43	fund as required by the trust agreement securing bonds issued for
44	44	the project or system;
45	45	(4) amounts received under a credit agreement relating
46	46	to the project or system for which the bonds are issued; and
47	47	(5) [surplus revenue of another project or system as
48	48	authorized by Section 228.006; and
49	49	[(6)] amounts received by the department:
50	50	(A) as pass-through tolls under Section 222.104;
51	51	(B) under an agreement with a local governmental
52	52	entity entered into under Section 228.254;
53	53	(C) under other agreements with a local
54	54	governmental entity relating to the project or system for which the
55	55	bonds are issued; and
56	56	(D) under a comprehensive development agreement
57	57	entered into under Section 223.201.
58	58	SECTION 4. Section 228.105, Transportation Code, is amended
59	59	to read as follows:
60	60	Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL
61	61	REVENUE BONDS. Notwithstanding any other provisions of this
62	62	subchapter, toll revenue bonds issued by the commission may:
63	63	(1) be payable from and secured by:
64	64	(A) payments made under an agreement with a local
65	65	governmental entity as provided by Section 228.254;
66	66	(B) the proceeds of bonds issued for the toll
67	67	project or system; or
68	68	(C) amounts deposited in a debt service reserve
69	69	fund as required by the trust agreement securing bonds issued for
70	70	the project or system; [or
71	71	[(D) surplus revenue of another toll project or
72	72	system as authorized by Section 228.006;] and
73	73	(2) state on their faces any pledge of revenue or taxes
74	74	and any security for the bonds under the agreement.
75	75	SECTION 5. Section 366.113(a), Transportation Code, is
76	76	amended to read as follows:
77	77	(a) The principal of, interest on, and any redemption
78	78	premium on bonds issued by an authority are payable solely from:
79	79	(1) the revenue of the turnpike project or system for
80	80	which the bonds are issued, including tolls pledged to pay the
81	81	bonds;
82	82	(2) payments made under an agreement with the
83	83	commission or a local governmental entity as provided by Subchapter
84	84	G;
85	85	(3) money derived from any other source available to
86	86	the authority, other than money derived from a turnpike project
87	87	that is not part of the same system or money derived from a
88	88	different system[, except to the extent that the surplus revenue of
89	89	a turnpike project or system has been pledged for that purpose];
90	90	and
91	91	(4) amounts received under a credit agreement relating
92	92	to the turnpike project or system for which the bonds are issued.
93	93	SECTION 6. Section 370.113(a), Transportation Code, is
94	94	amended to read as follows:
95	95	(a) The principal of, interest on, and any redemption
96	96	premium on bonds issued by an authority are payable solely from:
97	97	(1) the revenue of the transportation project for
98	98	which the bonds are issued;
99	99	(2) payments made under an agreement with the
100	100	commission, the department, or other governmental entity as
101	101	authorized by this chapter;
102	102	(3) money derived from any other source available to
103	103	the authority, other than money derived from a transportation
104	104	project that is not part of the same system or money derived from a
105	105	different system, except to the extent that the surplus revenue of a
106	106	transportation project or system, other than a turnpike project,
107	107	has been pledged for that purpose;
108	108	(4) amounts received under a credit agreement relating
109	109	to the transportation project for which the bonds are issued; and
110	110	(5) the proceeds of the sale of other bonds.
111	111	SECTION 7. Subchapter B, Chapter 372, Transportation Code,
112	112	is amended by adding Section 372.054 to read as follows:
113	113	Sec. 372.054. CESSATION OF TOLLS. (a) A toll project
114	114	becomes a part of the state highway system and the commission shall
115	115	maintain the project without tolls when the costs of acquisition
116	116	and construction of the project have been paid and:
117	117	(1) all of the bonds and interest on the bonds that are
118	118	payable from or secured by revenues of the project have been paid by
119	119	the issuer of the bonds or another person with the consent or
120	120	approval of the issuer; or
121	121	(2) a sufficient amount for the payment of all bonds
122	122	and interest on the bonds to maturity has been set aside by the
123	123	issuer of the bonds or another person with the consent or approval
124	124	of the issuer in a trust fund held for the benefit of the
125	125	bondholders.
126	126	(b) A toll project entity may not amend a financing or other
127	127	agreement in a manner that would extend the date by which a toll
128	128	project would become part of the state highway system under
129	129	Subsection (a).
130	130	SECTION 8. The following provisions of the Transportation
131	131	Code are repealed:
132	132	(1) Section 228.006;
133	133	(2) Section 228.109(d);
134	134	(3) Sections 284.008(c) and (d);
135	135	(4) Section 366.003(9-a);
136	136	(5) Section 366.037; and
137	137	(6) Section 366.175.
138	138	SECTION 9. This Act takes effect immediately if it receives
139	139	a vote of two-thirds of all the members elected to each house, as
140	140	provided by Section 39, Article III, Texas Constitution. If this
141	141	Act does not receive the vote necessary for immediate effect, this
142	142	Act takes effect September 1, 2015.