Texas 2025 - 89th Regular

Texas Senate Bill SB2324 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	89R10298 JAM-D
2	2	By: Paxton, et al. S.B. No. 2324
3	3
4	4
5	5
6	6
7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to the cessation of tolls by toll project entities in
10	10	certain circumstances.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Sections 228.012(a) and (b), Transportation
13	13	Code, are amended to read as follows:
14	14	(a) The department shall create a separate account in the
15	15	state highway fund to hold payments received by the department
16	16	under a comprehensive development agreement [and the surplus
17	17	revenue of a toll project or system]. The department shall create
18	18	subaccounts in the account for each project, system, or
19	19	region. Interest earned on money in a subaccount shall be
20	20	deposited to the credit of that subaccount.
21	21	(b) The department shall hold money in a subaccount in trust
22	22	for the benefit of the region in which a project or system is
23	23	located and may assign the responsibility for allocating money in a
24	24	subaccount to a metropolitan planning organization in which the
25	25	region is located for projects approved by the department. At the
26	26	time the project is approved by the department money shall be
27	27	allocated and distributed to projects authorized by Section
28	28	228.0055 [or Section 228.006, as applicable].
29	29	SECTION 2. Section 228.053(f), Transportation Code, is
30	30	amended to read as follows:
31	31	(f) The revenue and disbursements for each toll project or
32	32	system shall be kept separately. The revenue from one project may
33	33	not be used to pay the cost of another project except as authorized
34	34	by Section [Sections] 228.0055 [and 228.006].
35	35	SECTION 3. Section 228.104(a), Transportation Code, is
36	36	amended to read as follows:
37	37	(a) The principal of, interest on, and any redemption
38	38	premium on bonds issued by the commission under this subchapter are
39	39	payable solely from:
40	40	(1) the revenue of the toll project or system for which
41	41	the bonds are issued, including tolls pledged to pay the bonds;
42	42	(2) the proceeds of bonds issued for the project or
43	43	system;
44	44	(3) the amounts deposited in a debt service reserve
45	45	fund as required by the trust agreement securing bonds issued for
46	46	the project or system;
47	47	(4) amounts received under a credit agreement relating
48	48	to the project or system for which the bonds are issued; and
49	49	(5) [surplus revenue of another project or system as
50	50	authorized by Section 228.006; and
51	51	[(6)] amounts received by the department:
52	52	(A) as pass-through tolls under Section 222.104;
53	53	(B) under an agreement with a local governmental
54	54	entity entered into under Section 228.254;
55	55	(C) under other agreements with a local
56	56	governmental entity relating to the project or system for which the
57	57	bonds are issued; and
58	58	(D) under a comprehensive development agreement
59	59	entered into under Section 223.201.
60	60	SECTION 4. Section 228.105, Transportation Code, is amended
61	61	to read as follows:
62	62	Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL
63	63	REVENUE BONDS. Notwithstanding any other provisions of this
64	64	subchapter, toll revenue bonds issued by the commission may:
65	65	(1) be payable from and secured by:
66	66	(A) payments made under an agreement with a local
67	67	governmental entity as provided by Section 228.254;
68	68	(B) the proceeds of bonds issued for the toll
69	69	project or system; or
70	70	(C) amounts deposited in a debt service reserve
71	71	fund as required by the trust agreement securing bonds issued for
72	72	the project or system; [or
73	73	[(D) surplus revenue of another toll project or
74	74	system as authorized by Section 228.006;] and
75	75	(2) state on their faces any pledge of revenue or taxes
76	76	and any security for the bonds under the agreement.
77	77	SECTION 5. Section 366.113(a), Transportation Code, is
78	78	amended to read as follows:
79	79	(a) The principal of, interest on, and any redemption
80	80	premium on bonds issued by an authority are payable solely from:
81	81	(1) the revenue of the turnpike project or system for
82	82	which the bonds are issued, including tolls pledged to pay the
83	83	bonds;
84	84	(2) payments made under an agreement with the
85	85	commission or a local governmental entity as provided by Subchapter
86	86	G;
87	87	(3) money derived from any other source available to
88	88	the authority, other than money derived from a turnpike project
89	89	that is not part of the same system or money derived from a
90	90	different system[, except to the extent that the surplus revenue of
91	91	a turnpike project or system has been pledged for that purpose];
92	92	and
93	93	(4) amounts received under a credit agreement relating
94	94	to the turnpike project or system for which the bonds are issued.
95	95	SECTION 6. Section 370.113(a), Transportation Code, is
96	96	amended to read as follows:
97	97	(a) The principal of, interest on, and any redemption
98	98	premium on bonds issued by an authority are payable solely from:
99	99	(1) the revenue of the transportation project for
100	100	which the bonds are issued;
101	101	(2) payments made under an agreement with the
102	102	commission, the department, or other governmental entity as
103	103	authorized by this chapter;
104	104	(3) money derived from any other source available to
105	105	the authority, other than money derived from a transportation
106	106	project that is not part of the same system or money derived from a
107	107	different system, except to the extent that the surplus revenue of a
108	108	transportation project or system, other than a turnpike project,
109	109	has been pledged for that purpose;
110	110	(4) amounts received under a credit agreement relating
111	111	to the transportation project for which the bonds are issued; and
112	112	(5) the proceeds of the sale of other bonds.
113	113	SECTION 7. Section 372.0535(b), Transportation Code, is
114	114	amended to read as follows:
115	115	(b) Not later than the 180th day after the last day of a toll
116	116	project entity's fiscal year, the entity shall publish on the
117	117	entity's Internet website a report on the entity's financial data,
118	118	including:
119	119	(1) the final maturity of all bonds issued by the
120	120	entity for a toll project or system;
121	121	(2) toll revenue for each toll project for the
122	122	previous fiscal year;
123	123	(3) an accounting of total revenue collected and
124	124	expenses incurred by the entity for the previous fiscal year, such
125	125	as debt service, maintenance and operation costs, and any other
126	126	miscellaneous expenses[, and any surplus revenue]; and
127	127	(4) a capital improvement plan with proposed or
128	128	expected capital expenditures over a period determined by the
129	129	entity.
130	130	SECTION 8. Subchapter B, Chapter 372, Transportation Code,
131	131	is amended by adding Section 372.060 to read as follows:
132	132	Sec. 372.060. CESSATION OF TOLLS. (a) A toll project shall
133	133	be maintained without tolls in the manner provided by Subsection
134	134	(c) when the costs of acquisition and construction of the project
135	135	have been paid and:
136	136	(1) all of the bonds and interest on the bonds that are
137	137	payable from or secured by revenues of the project have been paid by
138	138	the issuer of the bonds or another person with the consent or
139	139	approval of the issuer; or
140	140	(2) a sufficient amount for the payment of all bonds
141	141	and interest on the bonds to maturity has been set aside by the
142	142	issuer of the bonds or another person with the consent or approval
143	143	of the issuer in a trust fund held for the benefit of the
144	144	bondholders.
145	145	(b) A toll project entity may not amend a financing or other
146	146	agreement in a manner that would extend the date by which a toll
147	147	project must be maintained without tolls under Subsection (a).
148	148	(c) Beginning on the date on which a toll project must be
149	149	maintained without tolls under Subsection (a), the toll project:
150	150	(1) becomes part of the state highway system and must
151	151	be maintained by the commission if:
152	152	(A) the Legislative Budget Board determines that
153	153	the state has available resources necessary to operate and maintain
154	154	the project; and
155	155	(B) the project is not transferred to a county
156	156	under Subdivision (2);
157	157	(2) becomes part of the road system of a county in
158	158	which the project is located and must be maintained by that county
159	159	if:
160	160	(A) the county requests from the Legislative
161	161	Budget Board approval to operate and maintain the project; and
162	162	(B) the Legislative Budget Board approves the
163	163	request made under Paragraph (A); or
164	164	(3) shall be maintained without tolls by the entity
165	165	operating the project if the project does not become part of the
166	166	state highway system under Subdivision (1) or a county road system
167	167	under Subdivision (2).
168	168	SECTION 9. The following provisions of the Transportation
169	169	Code are repealed:
170	170	(1) Section 228.006;
171	171	(2) Section 228.109(d);
172	172	(3) Sections 284.008(c) and (d);
173	173	(4) Section 366.003(9-a);
174	174	(5) Section 366.037;
175	175	(6) Section 366.071;
176	176	(7) Section 366.072(b); and
177	177	(8) Section 366.175.
178	178	SECTION 10. Not later than September 1, 2026, the Texas
179	179	Department of Transportation, in consultation with the Legislative
180	180	Budget Board, shall conduct a study and produce a report regarding
181	181	the costs associated with the cessation of the collection of tolls
182	182	on highways in this state in the manner provided by Section 372.060,
183	183	Transportation Code, as added by this Act. The study and report
184	184	must identify:
185	185	(1) all toll roads in this state;
186	186	(2) the projected date by which each of those toll
187	187	roads will be required to be maintained without tolls under Section
188	188	372.060, Transportation Code, as added by this Act; and
189	189	(3) the projected maintenance and operation costs
190	190	associated with adding each of those roads to the state highway
191	191	system.
192	192	SECTION 11. This Act takes effect immediately if it
193	193	receives a vote of two-thirds of all the members elected to each
194	194	house, as provided by Section 39, Article III, Texas Constitution.
195	195	If this Act does not receive the vote necessary for immediate
196	196	effect, this Act takes effect September 1, 2025.