Texas 2023 - 88th Regular

Texas House Bill HB2325 Compare Versions

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1	1	88R8142 JAM-D
2	2	By: Shaheen H.B. No. 2325
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the cessation of tolls by toll project entities in
8	8	certain circumstances.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Sections 228.012(a) and (b), Transportation
11	11	Code, are amended to read as follows:
12	12	(a) The department shall create a separate account in the
13	13	state highway fund to hold payments received by the department
14	14	under a comprehensive development agreement [and the surplus
15	15	revenue of a toll project or system]. The department shall create
16	16	subaccounts in the account for each project, system, or
17	17	region. Interest earned on money in a subaccount shall be
18	18	deposited to the credit of that subaccount.
19	19	(b) The department shall hold money in a subaccount in trust
20	20	for the benefit of the region in which a project or system is
21	21	located and may assign the responsibility for allocating money in a
22	22	subaccount to a metropolitan planning organization in which the
23	23	region is located for projects approved by the department. At the
24	24	time the project is approved by the department money shall be
25	25	allocated and distributed to projects authorized by Section
26	26	228.0055 [or Section 228.006, as applicable].
27	27	SECTION 2. Section 228.053(f), Transportation Code, is
28	28	amended to read as follows:
29	29	(f) The revenue and disbursements for each toll project or
30	30	system shall be kept separately. The revenue from one project may
31	31	not be used to pay the cost of another project except as authorized
32	32	by Section [Sections] 228.0055 [and 228.006].
33	33	SECTION 3. Section 228.104(a), Transportation Code, is
34	34	amended to read as follows:
35	35	(a) The principal of, interest on, and any redemption
36	36	premium on bonds issued by the commission under this subchapter are
37	37	payable solely from:
38	38	(1) the revenue of the toll project or system for which
39	39	the bonds are issued, including tolls pledged to pay the bonds;
40	40	(2) the proceeds of bonds issued for the project or
41	41	system;
42	42	(3) the amounts deposited in a debt service reserve
43	43	fund as required by the trust agreement securing bonds issued for
44	44	the project or system;
45	45	(4) amounts received under a credit agreement relating
46	46	to the project or system for which the bonds are issued; and
47	47	(5) [surplus revenue of another project or system as
48	48	authorized by Section 228.006; and
49	49	[(6)] amounts received by the department:
50	50	(A) as pass-through tolls under Section 222.104;
51	51	(B) under an agreement with a local governmental
52	52	entity entered into under Section 228.254;
53	53	(C) under other agreements with a local
54	54	governmental entity relating to the project or system for which the
55	55	bonds are issued; and
56	56	(D) under a comprehensive development agreement
57	57	entered into under Section 223.201.
58	58	SECTION 4. Section 228.105, Transportation Code, is amended
59	59	to read as follows:
60	60	Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL
61	61	REVENUE BONDS. Notwithstanding any other provisions of this
62	62	subchapter, toll revenue bonds issued by the commission may:
63	63	(1) be payable from and secured by:
64	64	(A) payments made under an agreement with a local
65	65	governmental entity as provided by Section 228.254;
66	66	(B) the proceeds of bonds issued for the toll
67	67	project or system; or
68	68	(C) amounts deposited in a debt service reserve
69	69	fund as required by the trust agreement securing bonds issued for
70	70	the project or system; [or
71	71	[(D) surplus revenue of another toll project or
72	72	system as authorized by Section 228.006;] and
73	73	(2) state on their faces any pledge of revenue or taxes
74	74	and any security for the bonds under the agreement.
75	75	SECTION 5. Section 366.113(a), Transportation Code, is
76	76	amended to read as follows:
77	77	(a) The principal of, interest on, and any redemption
78	78	premium on bonds issued by an authority are payable solely from:
79	79	(1) the revenue of the turnpike project or system for
80	80	which the bonds are issued, including tolls pledged to pay the
81	81	bonds;
82	82	(2) payments made under an agreement with the
83	83	commission or a local governmental entity as provided by Subchapter
84	84	G;
85	85	(3) money derived from any other source available to
86	86	the authority, other than money derived from a turnpike project
87	87	that is not part of the same system or money derived from a
88	88	different system[, except to the extent that the surplus revenue of
89	89	a turnpike project or system has been pledged for that purpose];
90	90	and
91	91	(4) amounts received under a credit agreement relating
92	92	to the turnpike project or system for which the bonds are issued.
93	93	SECTION 6. Section 370.113(a), Transportation Code, is
94	94	amended to read as follows:
95	95	(a) The principal of, interest on, and any redemption
96	96	premium on bonds issued by an authority are payable solely from:
97	97	(1) the revenue of the transportation project for
98	98	which the bonds are issued;
99	99	(2) payments made under an agreement with the
100	100	commission, the department, or other governmental entity as
101	101	authorized by this chapter;
102	102	(3) money derived from any other source available to
103	103	the authority, other than money derived from a transportation
104	104	project that is not part of the same system or money derived from a
105	105	different system, except to the extent that the surplus revenue of a
106	106	transportation project or system, other than a turnpike project,
107	107	has been pledged for that purpose;
108	108	(4) amounts received under a credit agreement relating
109	109	to the transportation project for which the bonds are issued; and
110	110	(5) the proceeds of the sale of other bonds.
111	111	SECTION 7. Section 372.0535(b), Transportation Code, is
112	112	amended to read as follows:
113	113	(b) Not later than the 180th day after the last day of a toll
114	114	project entity's fiscal year, the entity shall publish on the
115	115	entity's Internet website a report on the entity's financial data,
116	116	including:
117	117	(1) the final maturity of all bonds issued by the
118	118	entity for a toll project or system;
119	119	(2) toll revenue for each toll project for the
120	120	previous fiscal year;
121	121	(3) an accounting of total revenue collected and
122	122	expenses incurred by the entity for the previous fiscal year, such
123	123	as debt service, maintenance and operation costs, and any other
124	124	miscellaneous expenses[, and any surplus revenue]; and
125	125	(4) a capital improvement plan with proposed or
126	126	expected capital expenditures over a period determined by the
127	127	entity.
128	128	SECTION 8. Subchapter B, Chapter 372, Transportation Code,
129	129	is amended by adding Section 372.059 to read as follows:
130	130	Sec. 372.059. CESSATION OF TOLLS. (a) A toll project shall
131	131	be maintained without tolls in the manner provided by Subsection
132	132	(c) when the costs of acquisition and construction of the project
133	133	have been paid and:
134	134	(1) all of the bonds and interest on the bonds that are
135	135	payable from or secured by revenues of the project have been paid by
136	136	the issuer of the bonds or another person with the consent or
137	137	approval of the issuer; or
138	138	(2) a sufficient amount for the payment of all bonds
139	139	and interest on the bonds to maturity has been set aside by the
140	140	issuer of the bonds or another person with the consent or approval
141	141	of the issuer in a trust fund held for the benefit of the
142	142	bondholders.
143	143	(b) A toll project entity may not amend a financing or other
144	144	agreement in a manner that would extend the date by which a toll
145	145	project must be maintained without tolls under Subsection (a).
146	146	(c) Beginning on the date on which a toll project must be
147	147	maintained without tolls under Subsection (a), the toll project:
148	148	(1) becomes part of the state highway system and must
149	149	be maintained by the commission if:
150	150	(A) the Legislative Budget Board determines that
151	151	the state has available resources necessary to operate and maintain
152	152	the project; and
153	153	(B) the project is not transferred to a county
154	154	under Subdivision (2);
155	155	(2) becomes part of the road system of a county in
156	156	which the project is located and must be maintained by that county
157	157	if:
158	158	(A) the county requests from the Legislative
159	159	Budget Board approval to operate and maintain the project; and
160	160	(B) the Legislative Budget Board approves the
161	161	request made under Paragraph (A); or
162	162	(3) shall be maintained without tolls by the entity
163	163	operating the project if the project does not become part of the
164	164	state highway system under Subdivision (1) or a county road system
165	165	under Subdivision (2).
166	166	SECTION 9. The following provisions of the Transportation
167	167	Code are repealed:
168	168	(1) Section 228.006;
169	169	(2) Section 228.109(d);
170	170	(3) Sections 284.008(c) and (d);
171	171	(4) Section 366.003(9-a);
172	172	(5) Section 366.037;
173	173	(6) Section 366.071;
174	174	(7) Section 366.072(b); and
175	175	(8) Section 366.175.
176	176	SECTION 10. Not later than September 1, 2024, the Texas
177	177	Department of Transportation, in consultation with the Legislative
178	178	Budget Board, shall conduct a study and produce a report regarding
179	179	the costs associated with the cessation of the collection of tolls
180	180	on highways in this state in the manner provided by Section 372.059,
181	181	Transportation Code, as added by this Act. The study and report
182	182	must identify:
183	183	(1) all toll roads in this state;
184	184	(2) the projected date by which each of those toll
185	185	roads will be required to be maintained without tolls under Section
186	186	372.059, Transportation Code, as added by this Act; and
187	187	(3) the projected maintenance and operation costs
188	188	associated with adding each of those roads to the state highway
189	189	system.
190	190	SECTION 11. This Act takes effect immediately if it
191	191	receives a vote of two-thirds of all the members elected to each
192	192	house, as provided by Section 39, Article III, Texas Constitution.
193	193	If this Act does not receive the vote necessary for immediate
194	194	effect, this Act takes effect September 1, 2023.