By Wolens                                             H.B. No. 1025
       74R2999 GCH-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to debt incurred by certain regional transportation
    1-3  authorities without voter approval.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Section 15, Chapter 683, Acts of the 66th
    1-6  Legislature, 1979 (Article 1118y, Vernon's Texas Civil Statutes),
    1-7  is amended by amending Subsection (a) and adding Subsection (j) to
    1-8  read as follows:
    1-9        (a)  The authority shall have no power to assess, levy, or
   1-10  collect ad valorem taxes on property, nor to issue any bonds or
   1-11  notes secured by ad valorem tax revenues.  The authority, however,
   1-12  shall have the full power to issue bonds and notes from time to
   1-13  time and in such amounts as it shall consider necessary or
   1-14  appropriate, except as provided by Subsection (j) of this section,
   1-15  for the acquisition, purchase, construction, reconstruction,
   1-16  repair, equipping, improvement, or extension of the transportation
   1-17  system and all properties thereof whether real, personal, or mixed.
   1-18  All such bonds and notes shall be fully negotiable and may be made
   1-19  redeemable before maturity at the option of the issuing authority
   1-20  at such price or prices and under such terms and conditions as may
   1-21  be fixed by the issuing authority in the resolution authorizing
   1-22  such bonds or notes and may be sold at public or private sale
   1-23  whichever the executive committee may deem more advantageous.
   1-24        (j)  The total amount of outstanding obligations secured
    2-1  wholly or partially by the assets of an authority in a subregion
    2-2  having a principal city with a population in excess of 800,000,
    2-3  including obligations incurred under a lease or financing agreement
    2-4  and obligations incurred by the issuance of bonds or notes, may not
    2-5  exceed $275 million at any one time.  This restriction on
    2-6  outstanding obligations does not apply to obligations approved by
    2-7  the voters of the authority.
    2-8        SECTION 2.  The importance of this legislation and the
    2-9  crowded condition of the calendars in both houses create an
   2-10  emergency and an imperative public necessity that the
   2-11  constitutional rule requiring bills to be read on three several
   2-12  days in each house be suspended, and this rule is hereby suspended,
   2-13  and that this Act take effect and be in force from and after its
   2-14  passage, and it is so enacted.