Texas 2019 - 86th Regular

Texas House Bill HB803 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	H.B. No. 803
	1	+	By: Patterson, et al. (Senate Sponsor - Paxton) H.B. No. 803
	2	+	(In the Senate - Received from the House May 10, 2019;
	3	+	May 17, 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 financial reporting requirements of a toll project
6	12		entity.
7	13		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	14		SECTION 1. Subchapter B, Chapter 372, Transportation Code,
9	15		is amended by adding Section 372.054 to read as follows:
10	16		Sec. 372.054. FINANCIAL REPORTING REQUIREMENTS. (a) In
11	17		this section, "system" includes a system established under Section
12	18		228.010, 366.034, or 370.034.
13	19		(b) Not later than the 180th day after the last day of a toll
14	20		project entity's fiscal year, the entity shall publish on the
15	21		entity's Internet website a report on the entity's financial data,
16	22		including:
17	23		(1) the final maturity of all bonds issued by the
18	24		entity for a toll project or system;
19	25		(2) toll revenue for each toll project for the
20	26		previous fiscal year;
21	27		(3) an accounting of total revenue collected and
22	28		expenses incurred by the entity for the previous fiscal year, such
23	29		as debt service, maintenance and operation costs, any other
24	30		miscellaneous expenses, and any surplus revenue; and
25	31		(4) a capital improvement plan with proposed or
26	32		expected capital expenditures over a period determined by the
27	33		entity.
28	34		(c) In addition to the reporting requirements under
29	35		Subsection (b), a toll project entity may report any money
30	36		deposited by the entity in a debt service reserve fund as required
31	37		by a bondholder agreement.
32	38		(d) A toll project entity may publish on the entity's
33	39		Internet website graphs or tables from the entity's certified
34	40		audited financial report or annual continuing disclosure report to
35	41		comply with the reporting requirements under Subsection (b).
36	42		(e) A toll project entity shall prominently display on the
37	43		entity's Internet website a link to the report under Subsection
38	44		(b). The report must be posted separately from the entity's
39	45		certified audited financial report.
40	46		(f) Notwithstanding Subsection (b), for a toll project that
41	47		is the subject of a comprehensive development agreement entered
42	48		into by a toll project entity, the entity is only required to
43	49		publish on the entity's Internet website the name and cost of the
44	50		toll project and the termination date of the agreement.
45	51		SECTION 2. This Act takes effect September 1, 2019.
46		-	______________________________ ______________________________
47		-	President of the Senate Speaker of the House
48		-	I certify that H.B. No. 803 was passed by the House on May 7,
49		-	2019, by the following vote: Yeas 148, Nays 0, 1 present, not
50		-	voting.
51		-	______________________________
52		-	Chief Clerk of the House
53		-	I certify that H.B. No. 803 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	+	* * * * *