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


Senate Research CenterC.S.S.B. 1751
76R14538  GCH-FBy: Wentworth
State Affairs
5/14/1999
Committee Report (Substituted)


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.  C.S.S.B. 1751 clarifies the status of
funds maintained by the TTA division of the Texas Department of
Transportation. 

PURPOSE

As proposed, C.S.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 outside the general revenue fund.  Requires certain
monies to be deposited to the credit of the fund.  Requires certain
transferred money to remain in the state treasury, and prohibits it from
being transferred to a private banking institution.  Exempts this money
from the application of certain law, and provides that it is not subject to
reduction or elimination under certain provisions. 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 trust in the state treasury
outside the general revenue fund.  Requires certain monies to be deposited
to the credit of the fund.  Prohibits certain transferred money from being
deposited in the project revolving fund.  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). 

Effective date:  90 days after adjournment.