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House Bill 3070 |
House Author: Solomons |
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Effective: 9-1-09 |
Senate Sponsor: Nelson |
House Bill 3070 amends the Transportation Code to specify that an election to obtain voter approval of a coordinated county transportation authority's proposed issuance of bonds secured by a pledge of sales tax revenue and having a maturity of five years or longer must be held in the municipalities in which the authority has been authorized to impose a sales and use tax. The bill removes the condition that the proposition be approved in accordance with provisions established for the authorization of a tax levy by the authority and exempts the issuance of refunding bonds or bonds for the creation or funding of self-insurance or retirement or pension fund reserves from the election and voter approval requirements above. It provides that the authority's authorization to mortgage any part of the public transportation system to secure the payment of its bonds applies regardless of when the part of the system is acquired. The bill authorizes an authority to issue obligations and enter into credit agreements, and it amends the Government Code to make a conforming change to that effect.
House Bill 3070 validates any act or proceeding of a coordinated county transportation authority as of the date it occurred, except an act or proceeding that was a misdemeanor or felony offense at the time of occurrence.