H.B. No. 3850
AN ACT
relating to the funding of certain ship channel improvements;
authorizing the Texas Transportation Commission to issue revenue
bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 56.002(b), Transportation Code, is
amended to read as follows:
(b) The following money shall be credited to the fund:
(1) money the commission receives as a gift, grant, or
donation for a purpose of this chapter;
(2) money appropriated to the commission for the
purposes of this chapter;
(3) money received by the commission for the repayment
of a loan made by the program established under Section 56.003;
[and]
(4) proceeds of bonds issued under Section 56.004; and
(5) interest earned on deposits and investments of the
fund.
SECTION 2. Section 56.003(a), Transportation Code, is
amended to read as follows:
(a) The commission by rule shall establish a revolving loan
program to use money from the fund to enhance the financing
capabilities of entities responsible for the local share of
qualified project costs by providing revenue or security for:
(1) low-interest loans;
(2) longer repayment terms for loans; and
(3) flexible loan repayment terms, including:
(A) loan structures similar to a line of credit;
and
(B) authorized prepayment of loans in advance of
the loan's stated maturity date [finance qualified projects for
navigation districts].
SECTION 3. Chapter 56, Transportation Code, is amended by
adding Section 56.004 to read as follows:
Sec. 56.004. REVENUE BONDS. The commission may issue
revenue bonds for the purpose of providing money for the fund. Bond
proceeds shall be deposited in the fund.
SECTION 4. 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, 2019.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3850 was passed by the House on May 9,
2019, by the following vote: Yeas 129, Nays 14, 3 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 3850 was passed by the Senate on May
22, 2019, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor