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.