| 2 | | - | (In the Senate - Filed January 16, 2019; February 7, 2019, |
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| 3 | | - | read first time and referred to Committee on Transportation; |
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| 4 | | - | March 13, 2019, reported favorably by the following vote: Yeas 9, |
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| 5 | | - | Nays 0; March 13, 2019, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 7 | 3 | | |
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| 8 | 4 | | |
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| 9 | 5 | | A BILL TO BE ENTITLED |
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| 10 | 6 | | AN ACT |
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| 11 | 7 | | relating to bonds issued by certain metropolitan rapid transit |
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| 12 | 8 | | authorities. |
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| 13 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 10 | | SECTION 1. Section 451.362, Transportation Code, is amended |
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| 15 | 11 | | by amending Subsection (a) and adding Subsection (e) to read as |
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| 16 | 12 | | follows: |
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| 17 | 13 | | (a) Notwithstanding other provisions of this chapter and |
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| 18 | 14 | | except as provided by Subsections (c), [and] (d), and (e), the |
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| 19 | 15 | | board, by order or resolution, may issue bonds that are secured by |
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| 20 | 16 | | revenue or taxes of the authority if the bonds: |
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| 21 | 17 | | (1) have a term of not more than 12 months; and |
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| 22 | 18 | | (2) are payable only from revenue or taxes received on |
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| 23 | 19 | | or after the date of their issuance and before the end of the fiscal |
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| 24 | 20 | | year following the fiscal year in which the bonds are issued. |
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| 25 | 21 | | (e) In an authority confirmed before July 1, 1985, in which |
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| 26 | 22 | | the principal municipality has a population of less than one |
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| 27 | 23 | | million, bonds may have a term of not more than 15 years. The bonds |
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| 28 | 24 | | are payable only from taxes or revenue received on or after the date |
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| 29 | 25 | | the bonds are issued. |
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| 30 | 26 | | SECTION 2. This Act takes effect September 1, 2019. |
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