By:  Black                                            H.B. No. 2013
       73R6627 DRH-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the continuation of the powers and duties of the Texas
    1-3  High-Speed Rail Authority.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  In this Act:
    1-6              (1)  "Authority" means the Texas High-Speed Rail
    1-7  Authority.
    1-8              (2)  "Corporation" means the Texas High-Speed Rail
    1-9  Corporation.
   1-10              (3)  "Franchise agreement" means the agreement entered
   1-11  into between the authority and the corporation on May 28, 1991, and
   1-12  its subsequent amendments.
   1-13        SECTION 2.  If the corporation fails to obtain equity
   1-14  financing commitments in the amount of at least $170,000,000 before
   1-15  January 1, 1994, or fails to cause at least $30,000,000 of those
   1-16  equity commitments to be invested in the corporation before January
   1-17  1, 1994, as provided in Exhibit C to the franchise agreement and
   1-18  subsequent orders adopted by the authority:
   1-19              (1)  the franchise agreement is terminated;
   1-20              (2)  the authority and all powers and duties of the
   1-21  authority are abolished; and
   1-22              (3)  all assets and liabilities of the authority are
   1-23  transferred to the Railroad Commission of Texas.
   1-24        SECTION 3.  The importance of this legislation and the
    2-1  crowded condition of the calendars in both houses create an
    2-2  emergency and an imperative public necessity that the
    2-3  constitutional rule requiring bills to be read on three several
    2-4  days in each house be suspended, and this rule is hereby suspended,
    2-5  and that this Act take effect and be in force from and after its
    2-6  passage, and it is so enacted.