By: Wentworth S.B. No. 1751
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
A BILL TO BE ENTITLED
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 the state treasury with the
1-11 comptroller in trust. The fund [and] shall be kept separate from
1-12 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 feasibility study fund.
1-16 (h) The feasibility study fund is exempt from the
1-17 application of Section 404.071, Government Code.
1-18 SECTION 2. Section 361.184, Transportation Code, is amended
1-19 by amending Subsection (a) and adding Subsections (e) and (f) to
1-20 read as follows:
1-21 (a) The authority may maintain the Texas Turnpike Authority
1-22 project revolving fund. The fund is a revolving fund held in trust
2-1 by a banking institution chosen by the authority or, at the
2-2 discretion of the authority, in the state treasury with the
2-3 comptroller in trust. The fund [and] shall be kept separate from
2-4 other funds of the authority.
2-5 (e) Interest and income earned on money deposited in the
2-6 project revolving fund shall be deposited to the credit of the
2-7 project revolving fund.
2-8 (f) The project revolving fund is exempt from the
2-9 application of Section 404.071, Government Code.
2-10 SECTION 3. Section 361.185(a), Transportation Code, is
2-11 amended to read as follows:
2-12 (a) All money received under this chapter, whether as
2-13 proceeds from the sale of bonds or as revenue, is a trust fund to
2-14 be held and applied as provided by this chapter. Notwithstanding
2-15 the provisions of any other law, including Section 9, Chapter 1123,
2-16 Acts of the 75th Legislature, Regular Session, 1997, funds held
2-17 under this chapter shall be held in trust by a banking institution
2-18 chosen by the authority or, at the discretion of the authority, in
2-19 the state treasury with the comptroller in trust.
2-20 SECTION 4. Section 8.06, Chapter 1171, Acts of the 75th
2-21 Legislature, Regular Session, 1997, is repealed.
2-22 SECTION 5. The importance of this legislation and the
2-23 crowded condition of the calendars in both houses create an
2-24 emergency and an imperative public necessity that the
2-25 constitutional rule requiring bills to be read on three several
2-26 days in each house be suspended, and this rule is hereby suspended,
3-1 and that this Act take effect and be in force from and after its
3-2 passage, and it is so enacted.