76R14006 GCH-F
By Cuellar H.B. No. 2311
Substitute the following for H.B. No. 2311:
By Alexander C.S.H.B. No. 2311
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to funds maintained by and for the Texas Turnpike
1-3 Authority division of the Texas Department of Transportation.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 361.182, Transportation Code, is amended
1-6 by amending Subsection (a) and adding Subsections (g) and (h) to
1-7 read as follows:
1-8 (a) The authority shall maintain the Texas Turnpike
1-9 Authority feasibility study fund. The fund is a revolving fund
1-10 held in trust by a banking institution chosen by the authority or,
1-11 at the discretion of the authority, in trust in the state treasury
1-12 outside the general revenue fund. The fund [and] shall be kept
1-13 separate from the money for any project.
1-14 (g) Interest and income earned on money deposited in the
1-15 feasibility study fund shall be deposited to the credit of the
1-16 fund.
1-17 (h) Money transferred to the department for the benefit of
1-18 the authority under Section 8.02, Chapter 1171, Acts of the 75th
1-19 Legislature, Regular Session, 1997, shall remain in the state
1-20 treasury and may not be transferred to a private banking
1-21 institution. This money is exempt from the application of Section
1-22 403.095, Government Code, and is not subject to reduction or
1-23 elimination under any other provision of the Government Code.
1-24 SECTION 2. Section 361.184, Transportation Code, is amended
2-1 by amending Subsection (a) and adding Subsections (e) and (f) to
2-2 read as follows:
2-3 (a) The authority may maintain the Texas Turnpike Authority
2-4 project revolving fund. The fund is a revolving fund held in trust
2-5 by a banking institution chosen by the authority or, at the
2-6 discretion of the authority, in trust in the state treasury outside
2-7 the general revenue fund. The fund [and] shall be kept separate
2-8 from other funds of the authority.
2-9 (e) Interest and income earned on money deposited in the
2-10 project revolving fund shall be deposited to the credit of the
2-11 fund.
2-12 (f) Money transferred to the department for the benefit of
2-13 the authority under Section 8.02, Chapter 1171, Acts of the 75th
2-14 Legislature, Regular Session, 1997, may not be deposited in the
2-15 project revolving fund.
2-16 SECTION 3. Section 361.185(a), Transportation Code, is
2-17 amended to read as follows:
2-18 (a) All money received under this chapter, whether as
2-19 proceeds from the sale of bonds or as revenue, is a trust fund to
2-20 be held and applied as provided by this chapter. Notwithstanding
2-21 any other law, including Section 9, Chapter 1123, Acts of the 75th
2-22 Legislature, Regular Session, 1997, funds held under this chapter
2-23 shall be held in trust by a banking institution chosen by the
2-24 authority or, at the discretion of the authority, in trust in the
2-25 state treasury outside the general revenue fund.
2-26 SECTION 4. Section 8.06, Chapter 1171, Acts of the 75th
2-27 Legislature, Regular Session, 1997, is repealed.
3-1 SECTION 5. The importance of this legislation and the
3-2 crowded condition of the calendars in both houses create an
3-3 emergency and an imperative public necessity that the
3-4 constitutional rule requiring bills to be read on three several
3-5 days in each house be suspended, and this rule is hereby suspended,
3-6 and that this Act take effect and be in force from and after its
3-7 passage, and it is so enacted.