Texas 2017 - 85th Regular

Texas House Bill HB772 Compare Versions

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

Old	New	Differences
1	1	85R4512 JTS-D
2	2	By: Burkett H.B. No. 772
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to a limitation on the amount of tolls and other charges
8	8	that may be imposed by toll project entities for the use of toll
9	9	projects.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Sections 228.012(a) and (b), Transportation
12	12	Code, are amended to read as follows:
13	13	(a) The department shall create a separate account in the
14	14	state highway fund to hold payments received by the department
15	15	under a comprehensive development agreement [and the surplus
16	16	revenue of a toll project or system]. The department shall create
17	17	subaccounts in the account for each project, system, or region.
18	18	Interest earned on money in a subaccount shall be deposited to the
19	19	credit of that subaccount.
20	20	(b) The department shall hold money in a subaccount in trust
21	21	for the benefit of the region in which a project or system is
22	22	located and may assign the responsibility for allocating money in a
23	23	subaccount to a metropolitan planning organization in which the
24	24	region is located for projects approved by the department. At the
25	25	time the project is approved by the department money shall be
26	26	allocated and distributed to projects authorized by Section
27	27	228.0055 [or Section 228.006, as applicable].
28	28	SECTION 2. Section 228.053, Transportation Code, is amended
29	29	by amending Subsections (b) and (f) and adding Subsection (b-1) to
30	30	read as follows:
31	31	(b) The tolls shall be set so that[, at a minimum,] the
32	32	aggregate of tolls from the toll project or system, together with
33	33	other revenue and contributions, if any,[:
34	34	[(1)] provides a fund sufficient, but not more than
35	35	necessary [with other revenue and contributions, if any], to:
36	36	(1) pay:
37	37	(A) the cost of maintaining, repairing, and
38	38	operating the project or system; and
39	39	(B) the principal of and interest on any
40	40	outstanding [the] bonds issued [under Subchapter C] for the project
41	41	or system as those bonds become due and payable; and
42	42	(2) create any required [creates] reserves for the
43	43	purposes listed under Subdivision (1).
44	44	(b-1) After all outstanding bonds and other obligations
45	45	secured by toll revenue of a toll project have been repaid or
46	46	otherwise satisfied, tolls collected for use of the project may be
47	47	used only for the maintenance and operation of the portion of the
48	48	project for which the tolls were collected.
49	49	(f) The revenue and disbursements for each toll project or
50	50	system shall be kept separately. The revenue from one project may
51	51	not be used to pay the cost of another project except as authorized
52	52	by Section [Sections] 228.0055 [and 228.006].
53	53	SECTION 3. Section 228.104(a), Transportation Code, is
54	54	amended to read as follows:
55	55	(a) The principal of, interest on, and any redemption
56	56	premium on bonds issued by the commission under this subchapter are
57	57	payable solely from:
58	58	(1) the revenue of the toll project or system for which
59	59	the bonds are issued, including tolls pledged to pay the bonds;
60	60	(2) the proceeds of bonds issued for the project or
61	61	system;
62	62	(3) the amounts deposited in a debt service reserve
63	63	fund as required by the trust agreement securing bonds issued for
64	64	the project or system;
65	65	(4) amounts received under a credit agreement relating
66	66	to the project or system for which the bonds are issued; and
67	67	(5) [surplus revenue of another project or system as
68	68	authorized by Section 228.006; and
69	69	[(6)] amounts received by the department:
70	70	(A) as pass-through tolls under Section 222.104;
71	71	(B) under an agreement with a local governmental
72	72	entity entered into under Section 228.254;
73	73	(C) under other agreements with a local
74	74	governmental entity relating to the project or system for which the
75	75	bonds are issued; and
76	76	(D) under a comprehensive development agreement
77	77	entered into under Section 223.201.
78	78	SECTION 4. Section 228.105, Transportation Code, is amended
79	79	to read as follows:
80	80	Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL
81	81	REVENUE BONDS. Notwithstanding any other provisions of this
82	82	subchapter, toll revenue bonds issued by the commission may:
83	83	(1) be payable from and secured by:
84	84	(A) payments made under an agreement with a local
85	85	governmental entity as provided by Section 228.254;
86	86	(B) the proceeds of bonds issued for the toll
87	87	project or system; or
88	88	(C) amounts deposited in a debt service reserve
89	89	fund as required by the trust agreement securing bonds issued for
90	90	the project or system; [or
91	91	[(D) surplus revenue of another toll project or
92	92	system as authorized by Section 228.006;] and
93	93	(2) state on their faces any pledge of revenue or taxes
94	94	and any security for the bonds under the agreement.
95	95	SECTION 5. Section 284.069, Transportation Code, is amended
96	96	to read as follows:
97	97	Sec. 284.069. TOLLS AND CHARGES. (a) A [If bonds under
98	98	this chapter are payable in whole or in part from project revenue,
99	99	the] county shall impose tolls and charges for the use of a project
100	100	that are, together with other money or revenues available for the
101	101	project, including ad valorem tax, sufficient, but not more than
102	102	necessary, to:
103	103	(1) pay the maintenance and operating expenses of the
104	104	project;
105	105	(2) pay the principal of, premium of, if any, and
106	106	interest on any outstanding [the] bonds when due;
107	107	(3) establish a reserve for payment of any outstanding
108	108	bond principal, premium, and interest; and
109	109	(4) establish an adequate fund for project
110	110	depreciation and replacement.
111	111	(b) After all outstanding bonds and other obligations
112	112	secured by toll revenue and charges of a project have been repaid or
113	113	otherwise satisfied, tolls and charges collected for use of the
114	114	project may be used only for the maintenance and operation of the
115	115	portion of the project for which the tolls and charges were
116	116	collected.
117	117	SECTION 6. Section 365.041, Transportation Code, is amended
118	118	to read as follows:
119	119	Sec. 365.041. AMOUNT OF TOLLS. (a) Revenue from tolls and
120	120	other charges under Section 365.040 may be sufficient, but not more
121	121	than necessary, to:
122	122	(1) pay all expenses necessary to maintain and operate
123	123	the toll road project;
124	124	(2) make necessary payments and otherwise comply with
125	125	any permit or franchise for maintenance or operation of the toll
126	126	road project;
127	127	(3) pay the principal and redemption price of and
128	128	interest on all bonds that the district is obligated to pay,
129	129	regardless of whether the bonds were issued as revenue bonds;
130	130	(4) pay all sinking fund or reserve fund payments
131	131	agreed to be made in connection with bonds or other obligations as
132	132	they become due and payable to establish a reasonable depreciation
133	133	and emergency fund;
134	134	(5) comply with any agreement made with the holders of
135	135	the district's bonds or other obligations or with another person on
136	136	the bondholder's behalf; and
137	137	(6) recover a reasonable rate of return on invested
138	138	capital.
139	139	(b) After all outstanding bonds and other obligations
140	140	secured by toll revenue and other charges of a toll road project
141	141	have been repaid or otherwise satisfied, tolls and other charges
142	142	collected for use of the project may be used only for the
143	143	maintenance and operation of the portion of the project for which
144	144	the tolls and other charges were collected.
145	145	SECTION 7. Section 366.113(a), Transportation Code, is
146	146	amended to read as follows:
147	147	(a) The principal of, interest on, and any redemption
148	148	premium on bonds issued by an authority are payable solely from:
149	149	(1) the revenue of the turnpike project or system for
150	150	which the bonds are issued, including tolls pledged to pay the
151	151	bonds;
152	152	(2) payments made under an agreement with the
153	153	commission or a local governmental entity as provided by Subchapter
154	154	G;
155	155	(3) money derived from any other source available to
156	156	the authority, other than money derived from a turnpike project
157	157	that is not part of the same system or money derived from a
158	158	different system[, except to the extent that the surplus revenue of
159	159	a turnpike project or system has been pledged for that purpose]; and
160	160	(4) amounts received under a credit agreement relating
161	161	to the turnpike project or system for which the bonds are issued.
162	162	SECTION 8. Section 366.173, Transportation Code, is amended
163	163	by amending Subsection (b) and adding Subsection (b-1) to read as
164	164	follows:
165	165	(b) Tolls must be set so that the aggregate of tolls from an
166	166	authority's turnpike project or system, together with other revenue
167	167	of the turnpike project or system[:
168	168	[(1)] provides revenue sufficient, but not more than
169	169	necessary, to:
170	170	(1) pay:
171	171	(A) the cost of maintaining, repairing, and
172	172	operating the turnpike project or system; and
173	173	(B) the principal of and interest on any
174	174	outstanding [the] bonds issued for the turnpike project or system
175	175	as those bonds become due and payable; and
176	176	(2) create any required [creates] reserves for a
177	177	purpose listed under Subdivision (1).
178	178	(b-1) After all outstanding bonds and other obligations
179	179	secured by toll revenue of a turnpike project have been repaid or
180	180	otherwise satisfied, tolls collected for use of the project may be
181	181	used only for the maintenance and operation of the portion of the
182	182	project for which the tolls were collected.
183	183	SECTION 9. Section 370.113(a), Transportation Code, is
184	184	amended to read as follows:
185	185	(a) The principal of, interest on, and any redemption
186	186	premium on bonds issued by an authority are payable solely from:
187	187	(1) the revenue of the transportation project for
188	188	which the bonds are issued;
189	189	(2) payments made under an agreement with the
190	190	commission, the department, or other governmental entity as
191	191	authorized by this chapter;
192	192	(3) money derived from any other source available to
193	193	the authority, other than money derived from a transportation
194	194	project that is not part of the same system or money derived from a
195	195	different system, except to the extent that the surplus revenue of a
196	196	transportation project or system, other than a turnpike project,
197	197	has been pledged for that purpose;
198	198	(4) amounts received under a credit agreement relating
199	199	to the transportation project for which the bonds are issued; and
200	200	(5) the proceeds of the sale of other bonds.
201	201	SECTION 10. Section 370.172, Transportation Code, is
202	202	amended by amending Subsection (b) and adding Subsection (b-1) to
203	203	read as follows:
204	204	(b) Tolls, fees, fares, or other charges must be set at
205	205	rates or amounts so that the aggregate of tolls, fees, fares, or
206	206	other charges from an authority's transportation project, together
207	207	with other revenue of the transportation project[:
208	208	[(1)] provides revenue sufficient, but not more than
209	209	necessary, to:
210	210	(1) pay:
211	211	(A) the cost of maintaining, repairing, and
212	212	operating the transportation project;
213	213	(B) the principal of and interest on any
214	214	outstanding bonds issued for the transportation project as those
215	215	bonds become due and payable; and
216	216	(C) any other payment obligations of an authority
217	217	under a contract or agreement authorized under this chapter; and
218	218	(2) create any required [creates] reserves for a
219	219	purpose listed under Subdivision (1).
220	220	(b-1) After all outstanding bonds and other obligations
221	221	secured by toll revenue or fees, fares, or other charges of a
222	222	transportation project have been repaid, tolls or fees, fares, or
223	223	other charges collected for use of the project may be used only for
224	224	the maintenance and operation of the portion of the project for
225	225	which the amounts were collected.
226	226	SECTION 11. Subchapter B, Chapter 372, Transportation Code,
227	227	is amended by adding Section 372.054 to read as follows:
228	228	Sec. 372.054. LIMIT ON TOLL COLLECTIONS. (a) A toll
229	229	project entity may not set tolls or other charges for use of a
230	230	project in an amount that exceeds the amount necessary to:
231	231	(1) pay bonds and other obligations secured by the
232	232	revenue as required by a bond resolution or trust agreement; and
233	233	(2) provide for the maintenance and operation of the
234	234	project.
235	235	(b) After all outstanding bonds and other obligations
236	236	secured by toll revenue and other charges of a transportation
237	237	project have been repaid or otherwise satisfied, tolls and other
238	238	charges collected for use of the project may be used only for the
239	239	maintenance and operation of the portion of the project for which
240	240	the tolls or charges were collected.
241	241	SECTION 12. The following provisions of the Transportation
242	242	Code are repealed:
243	243	(1) Section 228.006;
244	244	(2) Section 228.109(d);
245	245	(3) Section 366.003(9-a);
246	246	(4) Section 366.037;
247	247	(5) Section 366.071;
248	248	(6) Section 366.072; and
249	249	(7) Section 366.175.
250	250	SECTION 13. The changes in law made by this Act to Sections
251	251	228.104(a), 228.105, 366.113(a), and 370.113(a), Transportation
252	252	Code, apply only to bonds or other obligations issued on or after
253	253	the effective date of this Act. Bonds or other obligations issued
254	254	before the effective date of this Act are governed by the law in
255	255	effect on the date the bonds were issued, and the former law is
256	256	continued in effect for that purpose.
257	257	SECTION 14. This Act takes effect immediately if it
258	258	receives a vote of two-thirds of all the members elected to each
259	259	house, as provided by Section 39, Article III, Texas Constitution.
260	260	If this Act does not receive the vote necessary for immediate
261	261	effect, this Act takes effect September 1, 2017.