SRC-AXB S.B. 1751 76(R)   BILL ANALYSIS


Senate Research Center   S.B. 1751
By: Wentworth
Infrastructure
4/15/1999
As Filed


DIGEST 

Currently, the Texas Turnpike Authority (TTA) finances turnpike projects
through the issuance of bonds or other sources of private investment.  To
insure investors that their investments are secure and free from competing
budgetary needs of Texas, TTA seeks a means of freeing the authority from
reliance on biennial appropriations.  S.B. 1751 clarifies the status of
funds maintained by the TTA division of the Texas Department of
Transportation. 

PURPOSE

As proposed, S.B. 1751 clarifies the status of funds maintained by the
Texas Turnpike Authority Division of the Texas Department of
Transportation. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 361.182, Transportation Code, by amending
Subsection (a) and adding Subsections (g) and (h), to provide that the
Texas Turnpike Authority (TTA) feasibility study fund is a revolving fund
held, at the discretion of the authority in a banking institution or, in
the state treasury with the comptroller, in trust.  Requires certain monies
to be deposited to the credit of the feasibility study fund, and exempts
this fund from the application of Section 404.071, Government Code.  Makes
a conforming change. 

SECTION 2.  Amends Section 361.184, Transportation Code, by amending
Subsection (a) and adding Subsections (e) and (f).  Provides that the TTA
feasibility study fund is a revolving fund held, at the discretion of the
authority, in a banking institution or, in the state treasury with the
comptroller, in trust.  Requires certain monies to be deposited to the
credit of the project revolving fund, and exempts this fund from the
application of Section 404.071, Government Code.  Makes a conforming
change. 

SECTION 3.  Amends Section 361.185(a), Transportation Code, to require
certain funds to be held in trust by certain institutions. 

SECTION 4.Repealer:  Section 8.06, Chapter 1171, Acts of the 75th
Legislature, Regular Session, 1997, (regarding the remittance and deposit
of certain monies, and the exemption of the application of Subsection (a)
to the North Texas Tollway Authority). 

SECTION 5.Emergency clause.
  Effective date:  upon passage.