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