Texas 2019 - 86th Regular

Texas Senate Bill SB365 Latest Draft

Bill / Comm Sub Version Filed 03/13/2019

                            By: Watson S.B. No. 365
 (In the Senate - Filed January 16, 2019; February 7, 2019,
 read first time and referred to Committee on Transportation;
 March 13, 2019, reported favorably by the following vote:  Yeas 9,
 Nays 0; March 13, 2019, sent to printer.)
Click here to see the committee vote


 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.
 * * * * *