| 1 | 1 | | By: Nichols S.B. No. 1455 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the issuance of Texas Mobility Fund obligations. |
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| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 201.943(a), Transportation Code, is |
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| 9 | 9 | | amended to read as follows: |
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| 10 | 10 | | (a) Subject to Subsections (e), (f), and (g), [and (1),] the |
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| 11 | 11 | | commission by order or resolution may issue obligations in the name |
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| 12 | 12 | | and on behalf of the state and the department and may enter into |
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| 13 | 13 | | credit agreements related to the obligations. The obligations may |
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| 14 | 14 | | be issued in multiple series and issues from time to time in an |
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| 15 | 15 | | aggregate amount not exceeding the maximum obligation amount. The |
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| 16 | 16 | | obligations may be issued on and may have the terms and provisions |
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| 17 | 17 | | the commission determines appropriate and in the interests of the |
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| 18 | 18 | | state. The obligations may be issued as long-term obligations, |
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| 19 | 19 | | short-term obligations, or both. The latest scheduled maturity of |
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| 20 | 20 | | an issue or series of obligations may not exceed 30 years. |
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| 21 | 21 | | SECTION 2. Section 201.943(1), Transportation Code, is |
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| 22 | 22 | | repealed. |
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| 23 | 23 | | SECTION 3. This Act takes effect immediately if it receives |
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| 24 | 24 | | a vote of two-thirds of all the members elected to each house, as |
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| 25 | 25 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 26 | 26 | | Act does not receive the vote necessary for immediate effect, this |
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| 27 | 27 | | Act takes effect September 1, 2021. |
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