Texas 2019 - 86th Regular

Texas House Bill HB3850 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	H.B. No. 3850
	1	+	By: Deshotel, Lozano (Senate Sponsor - Creighton) H.B. No. 3850
	2	+	(In the Senate - Received from the House May 9, 2019;
	3	+	May 13, 2019, read first time and referred to Committee on
	4	+	Transportation; May 17, 2019, reported favorably by the following
	5	+	vote: Yeas 9, Nays 0; May 17, 2019, sent to printer.)
	6	+	Click here to see the committee vote
2	7
3	8
	9	+	A BILL TO BE ENTITLED
4	10		AN ACT
5	11		relating to the funding of certain ship channel improvements;
6	12		authorizing the Texas Transportation Commission to issue revenue
7	13		bonds.
8	14		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	15		SECTION 1. Section 56.002(b), Transportation Code, is
10	16		amended to read as follows:
11	17		(b) The following money shall be credited to the fund:
12	18		(1) money the commission receives as a gift, grant, or
13	19		donation for a purpose of this chapter;
14	20		(2) money appropriated to the commission for the
15	21		purposes of this chapter;
16	22		(3) money received by the commission for the repayment
17	23		of a loan made by the program established under Section 56.003;
18	24		[and]
19	25		(4) proceeds of bonds issued under Section 56.004; and
20	26		(5) interest earned on deposits and investments of the
21	27		fund.
22	28		SECTION 2. Section 56.003(a), Transportation Code, is
23	29		amended to read as follows:
24	30		(a) The commission by rule shall establish a revolving loan
25	31		program to use money from the fund to enhance the financing
26	32		capabilities of entities responsible for the local share of
27	33		qualified project costs by providing revenue or security for:
28	34		(1) low-interest loans;
29	35		(2) longer repayment terms for loans; and
30	36		(3) flexible loan repayment terms, including:
31	37		(A) loan structures similar to a line of credit;
32	38		and
33	39		(B) authorized prepayment of loans in advance of
34	40		the loan's stated maturity date [finance qualified projects for
35	41		navigation districts].
36	42		SECTION 3. Chapter 56, Transportation Code, is amended by
37	43		adding Section 56.004 to read as follows:
38	44		Sec. 56.004. REVENUE BONDS. The commission may issue
39	45		revenue bonds for the purpose of providing money for the fund. Bond
40	46		proceeds shall be deposited in the fund.
41	47		SECTION 4. This Act takes effect immediately if it receives
42	48		a vote of two-thirds of all the members elected to each house, as
43	49		provided by Section 39, Article III, Texas Constitution. If this
44	50		Act does not receive the vote necessary for immediate effect, this
45	51		Act takes effect September 1, 2019.
46		-	______________________________ ______________________________
47		-	President of the Senate Speaker of the House
48		-	I certify that H.B. No. 3850 was passed by the House on May 9,
49		-	2019, by the following vote: Yeas 129, Nays 14, 3 present, not
50		-	voting.
51		-	______________________________
52		-	Chief Clerk of the House
53		-	I certify that H.B. No. 3850 was passed by the Senate on May
54		-	22, 2019, by the following vote: Yeas 31, Nays 0.
55		-	______________________________
56		-	Secretary of the Senate
57		-	APPROVED: _____________________
58		-	Date
59		-	_____________________
60		-	Governor
	52	+	* * * * *