| 1 | 1 | | 88R9836 JAM-D |
|---|
| 2 | 2 | | By: Harris of Anderson, Orr, et al. H.B. No. 2357 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to provision to the Texas Department of Transportation of |
|---|
| 8 | 8 | | information regarding certain high-speed rail projects. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Subchapter B, Chapter 111, Transportation Code, |
|---|
| 11 | 11 | | is amended by adding Section 111.059 to read as follows: |
|---|
| 12 | 12 | | Sec. 111.059. INFORMATION ON CERTAIN HIGH-SPEED RAIL |
|---|
| 13 | 13 | | PROJECTS. (a) In this section, "high-speed rail" has the meaning |
|---|
| 14 | 14 | | assigned by Section 112.201. |
|---|
| 15 | 15 | | (b) An entity that proposes a high-speed rail project shall |
|---|
| 16 | 16 | | submit to the department each year that the project is included in |
|---|
| 17 | 17 | | the Texas Rail Plan the following information: |
|---|
| 18 | 18 | | (1) the proposed method of financing of the |
|---|
| 19 | 19 | | construction or acquisition of the project, including: |
|---|
| 20 | 20 | | (A) the extent to which funds for financing are |
|---|
| 21 | 21 | | currently available; and |
|---|
| 22 | 22 | | (B) for any securities to be issued: |
|---|
| 23 | 23 | | (i) the approximate terms of sale and total |
|---|
| 24 | 24 | | fixed charges of the securities; |
|---|
| 25 | 25 | | (ii) whether the securities issued will be |
|---|
| 26 | 26 | | underwritten by industries to be served by the proposed line; and |
|---|
| 27 | 27 | | (iii) an explanation of how the fixed |
|---|
| 28 | 28 | | charges will be met; |
|---|
| 29 | 29 | | (2) a recent balance sheet; |
|---|
| 30 | 30 | | (3) a present value determination of the full costs of |
|---|
| 31 | 31 | | the proposal; |
|---|
| 32 | 32 | | (4) if construction is proposed, the costs for each |
|---|
| 33 | 33 | | year of the construction; |
|---|
| 34 | 34 | | (5) a proposed schedule for completion of the project, |
|---|
| 35 | 35 | | including timeline for permitting, funding, and land acquisition; |
|---|
| 36 | 36 | | (6) ridership projections and methodology; |
|---|
| 37 | 37 | | (7) the proposed route; |
|---|
| 38 | 38 | | (8) an organization chart of the entity's management |
|---|
| 39 | 39 | | and staff; and |
|---|
| 40 | 40 | | (9) a disclosure of any current or planned foreign |
|---|
| 41 | 41 | | investment in the project. |
|---|
| 42 | 42 | | (c) The department shall make the information submitted |
|---|
| 43 | 43 | | under this section available to the public on the department's |
|---|
| 44 | 44 | | Internet website. |
|---|
| 45 | 45 | | SECTION 2. This Act takes effect September 1, 2023. |
|---|