| 1 | 1 | | 86R5999 JRR-D |
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| 2 | 2 | | By: Israel H.B. No. 4221 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the issuance of obligations to fund certain Interstate |
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| 8 | 8 | | Highway 35 projects. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 201.943, Transportation Code, is amended |
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| 11 | 11 | | by amending Subsection (l) and adding Subsection (m) to read as |
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| 12 | 12 | | follows: |
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| 13 | 13 | | (l) Except as otherwise provided by this subsection and |
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| 14 | 14 | | Subsection (m), obligations may not be issued under this section or |
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| 15 | 15 | | Section 49-k, Article III, Texas Constitution, after January 1, |
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| 16 | 16 | | 2015. The commission may issue obligations to refund: |
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| 17 | 17 | | (1) outstanding obligations to provide savings to the |
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| 18 | 18 | | state; and |
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| 19 | 19 | | (2) outstanding variable rate obligations and may |
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| 20 | 20 | | renew or replace credit agreements relating to the variable rate |
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| 21 | 21 | | obligations. |
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| 22 | 22 | | (m) Obligations may be issued under this section in an |
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| 23 | 23 | | aggregate principal amount of $1.5 billion to fund projects on |
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| 24 | 24 | | Interstate Highway 35 between State Highway 45 North and State |
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| 25 | 25 | | Highway 45 Southeast. Any managed lane included in a project |
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| 26 | 26 | | described by this subsection must provide free use of the lane to a |
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| 27 | 27 | | public transit motor bus of a mass transit entity operating under |
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| 28 | 28 | | Subtitle K if the managed lane is on a portion of the project that is |
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| 29 | 29 | | funded with proceeds of obligations described by this subsection. |
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| 30 | 30 | | SECTION 2. Section 222.003, Transportation Code, is amended |
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| 31 | 31 | | by amending Subsection (b) and adding Subsections (b-1) and (b-2) |
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| 32 | 32 | | to read as follows: |
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| 33 | 33 | | (b) Except as provided by Subsection (b-1), the [The] |
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| 34 | 34 | | aggregate principal amount of the bonds and other public securities |
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| 35 | 35 | | that are issued may not exceed $6 billion. |
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| 36 | 36 | | (b-1) In addition to the amount authorized under Subsection |
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| 37 | 37 | | (b), the commission may issue bonds and other public securities in |
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| 38 | 38 | | an aggregate principal amount of $3 billion to fund projects on |
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| 39 | 39 | | Interstate Highway 35 between State Highway 45 North and State |
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| 40 | 40 | | Highway 45 Southeast. |
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| 41 | 41 | | (b-2) The commission may only issue bonds or other public |
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| 42 | 42 | | securities in an aggregate principal amount of not more than $1.5 |
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| 43 | 43 | | billion each year. |
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| 44 | 44 | | SECTION 3. This Act takes effect September 1, 2019. |
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