|
House Bill 1 (1st C.S.) |
House Author: Pitts et al. |
|
Effective: 7-10-09 |
Senate Sponsor: Carona |
House Bill 1 amends the Transportation Code to authorize the Texas Transportation Commission to issue general obligation bonds in an aggregate principal amount not to exceed $5 billion to pay all or part of the costs of highway improvement projects and the costs of administering projects authorized under the bill, the cost or expense of the issuance of the bonds, or all or part of a payment owed or to be owed under a credit agreement. The bill requires the bonds to be executed as prescribed by the commission and to mature not later than 30 years after their dates of issuance, subject to any refundings or renewals. The bill authorizes the bonds to be issued in multiple series and issues from time to time and to have the provisions the commission determines appropriate and in the interest of the state. The bill requires the bonds and any related credit agreements to be submitted to the attorney general for approval as to their legality. The bill prohibits proceeds from the issuance and sale of the bonds from being expended or used for the purposes authorized by the bill unless those proceeds have been appropriated by the legislature. House Bill 1 also authorizes bonds issued by a local toll project entity and the Texas Department of Transportation for a transportation project to mature not more than 40, rather than 30, years from their date of issuance.
House Bill 1 amends Rider 60 of the General Appropriations Act appropriations to the department to specify that amounts in the rider that must be used to capitalize the State Infrastructure Bank, if legislation creating a transportation revolving fund is not enacted, are for the purpose of making loans from the bank to public entities, provided that the money is not used to convert a nontolled road or highway to a tolled road or highway.