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.