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A BILL TO BE ENTITLED
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AN ACT
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relating to provision to the Texas Department of Transportation of |
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information regarding certain high-speed rail projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 111, Transportation Code, |
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is amended by adding Section 111.059 to read as follows: |
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Sec. 111.059. INFORMATION ON CERTAIN HIGH-SPEED RAIL |
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PROJECTS. (a) In this section, "high-speed rail" has the meaning |
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assigned by Section 112.201. |
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(b) An entity that proposes a high-speed rail project shall |
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submit to the department each year that the project is included in |
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the Texas Rail Plan the following information: |
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(1) the proposed method of financing of the |
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construction or acquisition of the project, including: |
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(A) the extent to which funds for financing are |
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currently available; and |
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(B) for any securities to be issued: |
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(i) the approximate terms of sale and total |
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fixed charges of the securities; |
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(ii) whether the securities issued will be |
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underwritten by industries to be served by the proposed line; and |
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(iii) an explanation of how the fixed |
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charges will be met; |
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(2) a recent balance sheet; |
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(3) a present value determination of the full costs of |
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the proposal; |
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(4) if construction is proposed, the costs for each |
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year of the construction; |
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(5) a proposed schedule for completion of the project, |
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including timeline for permitting, funding, and land acquisition; |
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(6) ridership projections and methodology; |
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(7) the proposed route; |
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(8) an organization chart of the entity's management |
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and staff; and |
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(9) a disclosure of any current or planned foreign |
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investment in the project. |
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(c) The department shall make the information submitted |
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under this section available to the public on the department's |
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Internet website. |
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SECTION 2. This Act takes effect September 1, 2023. |