86R4702 JAM-D
By: Watson S.B. No. 365
A BILL TO BE ENTITLED
AN ACT
relating to bonds issued by certain metropolitan rapid transit
authorities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 451.362, Transportation Code, is amended
by amending Subsection (a) and adding Subsection (e) to read as
follows:
(a) Notwithstanding other provisions of this chapter and
except as provided by Subsections (c), [and] (d), and (e), the
board, by order or resolution, may issue bonds that are secured by
revenue or taxes of the authority if the bonds:
(1) have a term of not more than 12 months; and
(2) are payable only from revenue or taxes received on
or after the date of their issuance and before the end of the fiscal
year following the fiscal year in which the bonds are issued.
(e) In an authority confirmed before July 1, 1985, in which
the principal municipality has a population of less than one
million, bonds may have a term of not more than 15 years. The bonds
are payable only from taxes or revenue received on or after the date
the bonds are issued.
SECTION 2. This Act takes effect September 1, 2019.