| 1 | 1 | | 88R10702 JAM-D |
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| 2 | 2 | | By: Reynolds H.B. No. 2832 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the funding of multimodal transportation projects; |
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| 8 | 8 | | authorizing the issuance of revenue bonds. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter H, Chapter 201, Transportation Code, |
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| 11 | 11 | | is amended by adding Section 201.6085 to read as follows: |
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| 12 | 12 | | Sec. 201.6085. MULTIMODAL PROJECTS. (a) In this section, |
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| 13 | 13 | | "fund" means the multimodal project revolving fund. |
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| 14 | 14 | | (b) The multimodal project revolving fund is an account in |
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| 15 | 15 | | the general revenue fund. The fund is administered by the |
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| 16 | 16 | | commission. |
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| 17 | 17 | | (c) The following money shall be credited to the fund: |
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| 18 | 18 | | (1) money the commission receives as a gift, grant, or |
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| 19 | 19 | | donation for a purpose of this section; |
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| 20 | 20 | | (2) money appropriated to the commission for the |
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| 21 | 21 | | purposes of this section; |
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| 22 | 22 | | (3) money received by the commission for the repayment |
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| 23 | 23 | | of a loan made by the program established under Subsection (f); |
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| 24 | 24 | | (4) proceeds of bonds issued under Subsection (g); and |
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| 25 | 25 | | (5) interest earned on deposits and investments of the |
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| 26 | 26 | | fund. |
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| 27 | 27 | | (d) Money in the fund may be appropriated only to the |
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| 28 | 28 | | commission for the purposes of administering the fund and the |
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| 29 | 29 | | program established under Subsection (f). |
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| 30 | 30 | | (e) The financial transactions of the fund are subject to |
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| 31 | 31 | | audit by the state auditor. |
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| 32 | 32 | | (f) The commission by rule shall establish a revolving loan |
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| 33 | 33 | | program to use money from the fund to provide loans for qualified |
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| 34 | 34 | | projects to local governmental entities, including municipalities, |
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| 35 | 35 | | counties, port authorities, and special districts. To be a |
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| 36 | 36 | | qualified project, a project must enhance connectivity between |
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| 37 | 37 | | marine ports, airports, inland ports, and the state highway system |
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| 38 | 38 | | and may include projects that deepen or widen a ship channel. |
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| 39 | 39 | | (g) The commission may issue revenue bonds for the purpose |
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| 40 | 40 | | of providing money for the fund. Bonds issued under this subsection |
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| 41 | 41 | | may be issued for terms of 50 or 100 years. The aggregate principal |
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| 42 | 42 | | amount of the bonds issued under this subsection that are |
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| 43 | 43 | | outstanding at any time may not exceed 25 percent of the amount of |
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| 44 | 44 | | money in the fund. Bond proceeds shall be deposited in the fund. |
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| 45 | 45 | | SECTION 2. This Act takes effect September 1, 2023. |
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