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Senate Bill 293 |
Senate Author: Carona |
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Effective: 5-19-09 |
House Sponsor: Alonzo |
Senate Bill 293 amends the Transportation Code to authorize a regional transportation authority, in securing the payment of the authority's bonds, to provide that a pledge of revenue realized from any tax that the authority may impose or a pledge of revenue of the public transportation system is a first lien or charge against that revenue. The bill requires revenue in excess of amounts pledged under those provisions to be used to pay the expenses of operation and maintenance of a public transportation system, including salaries, labor, materials, and repairs necessary to provide efficient service and every other proper item of expense, and to fund operating reserves. The bill removes a provision providing that such operation and maintenance expenses are a first lien and charge against any revenue of a public transportation system that is encumbered under provisions relating to regional transportation authorities.