| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R9489 BEE-D | |
| 2 | 2 | By: Cook H.B. No. 2181 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to option contracts to acquire real property for | |
| 8 | 8 | high-speed rail projects. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter B, Chapter 112, Transportation Code, | |
| 11 | 11 | is amended by adding Section 112.063 to read as follows: | |
| 12 | 12 | Sec. 112.063. REAL PROPERTY OPTION CONTRACTS FOR HIGH-SPEED | |
| 13 | 13 | RAIL VOID ON BANKRUPTCY. (a) In this section, "high-speed rail" | |
| 14 | 14 | means intercity passenger service that is reasonably expected to | |
| 15 | 15 | reach speeds of at least 110 miles per hour. | |
| 16 | 16 | (b) On the filing of a bankruptcy petition by or against a | |
| 17 | 17 | railroad company, an option contract held by the company to acquire | |
| 18 | 18 | real property for a high-speed rail project is void. | |
| 19 | 19 | SECTION 2. Section 112.063, Transportation Code, as added | |
| 20 | 20 | by this Act, applies only to an option contract entered into on or | |
| 21 | 21 | after the effective date of this Act. | |
| 22 | 22 | SECTION 3. This Act takes effect September 1, 2017. |