AN ACT
1-1 relating to funds maintained by and for the Texas Turnpike
1-2 Authority division of the Texas Department of Transportation.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 361.182, Transportation Code, is amended
1-5 by amending Subsection (a) and adding Subsections (g) and (h) to
1-6 read as follows:
1-7 (a) The authority shall maintain the Texas Turnpike
1-8 Authority feasibility study fund. The fund is a revolving fund
1-9 held in trust by a banking institution chosen by the authority or,
1-10 at the discretion of the authority, in trust in the state treasury
1-11 outside the general revenue fund. The fund [and] shall be kept
1-12 separate from the money for any project.
1-13 (g) Interest and income earned on money deposited in the
1-14 feasibility study fund shall be deposited to the credit of the
1-15 fund.
1-16 (h) Money transferred to the department for the benefit of
1-17 the authority under Section 8.02, Chapter 1171, Acts of the 75th
1-18 Legislature, Regular Session, 1997, shall remain in the state
1-19 treasury and may not be transferred to a private banking
1-20 institution. This money is exempt from the application of Section
1-21 403.095, Government Code, and is not subject to reduction or
1-22 elimination under any other provision of the Government Code.
1-23 SECTION 2. Section 361.184, Transportation Code, is amended
1-24 by amending Subsection (a) and adding Subsections (e) and (f) to
2-1 read as follows:
2-2 (a) The authority may maintain the Texas Turnpike Authority
2-3 project revolving fund. The fund is a revolving fund held in trust
2-4 by a banking institution chosen by the authority or, at the
2-5 discretion of the authority, in trust in the state treasury outside
2-6 the general revenue fund. The fund [and] shall be kept separate
2-7 from other funds of the authority.
2-8 (e) Interest and income earned on money deposited in the
2-9 project revolving fund shall be deposited to the credit of the
2-10 fund.
2-11 (f) Money transferred to the department for the benefit of
2-12 the authority under Section 8.02, Chapter 1171, Acts of the 75th
2-13 Legislature, Regular Session, 1997, may not be deposited in the
2-14 project revolving fund.
2-15 SECTION 3. Subsection (a), Section 361.185, Transportation
2-16 Code, is amended to read as follows:
2-17 (a) All money received under this chapter, whether as
2-18 proceeds from the sale of bonds or as revenue, is a trust fund to
2-19 be held and applied as provided by this chapter. Notwithstanding
2-20 any other law, including Section 9, Chapter 1123, Acts of the 75th
2-21 Legislature, Regular Session, 1997, funds held under this chapter
2-22 shall be held in trust by a banking institution chosen by the
2-23 authority or, at the discretion of the authority, in trust in the
2-24 state treasury outside the general revenue fund.
2-25 SECTION 4. Section 8.06, Chapter 1171, Acts of the 75th
2-26 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.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1751 passed the Senate on
May 18, 1999, by a viva-voce vote.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1751 passed the House on
May 26, 1999, by a non-record vote.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor