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A BILL TO BE ENTITLED
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AN ACT
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relating to the filing of a bond by a private high-speed rail |
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operator with the Texas Department of Transportation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 112, Transportation Code, |
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is amended by adding Section 112.063 to read as follows: |
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Sec. 112.063. BOND FOR RESTORATION OF REAL PROPERTY USED BY |
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PRIVATE HIGH-SPEED RAIL OPERATOR. (a) In this section, |
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"high-speed rail" has the meaning assigned by Section 112.201. |
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(b) Before a private entity begins operation of high-speed |
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rail, including the extension of an existing service, the entity |
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must file with the department a bond in an amount determined by the |
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commission to be sufficient to restore real property used for the |
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service to its original condition if the service ceases operation. |
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SECTION 2. This Act takes effect September 1, 2021. |