1-1 By: Wentworth S.B. No. 1751
1-2 (In the Senate - Filed March 12, 1999; March 15, 1999, read
1-3 first time and referred to Committee on State Affairs;
1-4 May 14, 1999, reported adversely, with favorable Committee
1-5 Substitute by the following vote: Yeas 8, Nays 0; May 14, 1999,
1-6 sent to printer.)
1-7 COMMITTEE SUBSTITUTE FOR S.B. No. 1751 By: Wentworth
1-8 A BILL TO BE ENTITLED
1-9 AN ACT
1-10 relating to funds maintained by and for the Texas Turnpike
1-11 Authority division of the Texas Department of Transportation.
1-12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-13 SECTION 1. Section 361.182, Transportation Code, is amended
1-14 by amending Subsection (a) and adding Subsections (g) and (h) to
1-15 read as follows:
1-16 (a) The authority shall maintain the Texas Turnpike
1-17 Authority feasibility study fund. The fund is a revolving fund
1-18 held in trust by a banking institution chosen by the authority or,
1-19 at the discretion of the authority, in trust in the state treasury
1-20 outside the general revenue fund. The fund [and] shall be kept
1-21 separate from the money for any project.
1-22 (g) Interest and income earned on money deposited in the
1-23 feasibility study fund shall be deposited to the credit of the
1-24 fund.
1-25 (h) Money transferred to the department for the benefit of
1-26 the authority under Section 8.02, Chapter 1171, Acts of the 75th
1-27 Legislature, Regular Session, 1997, shall remain in the state
1-28 treasury and may not be transferred to a private banking
1-29 institution. This money is exempt from the application of Section
1-30 403.095, Government Code, and is not subject to reduction or
1-31 elimination under any other provision of the Government Code.
1-32 SECTION 2. Section 361.184, Transportation Code, is amended
1-33 by amending Subsection (a) and adding Subsections (e) and (f) to
1-34 read as follows:
1-35 (a) The authority may maintain the Texas Turnpike Authority
1-36 project revolving fund. The fund is a revolving fund held in trust
1-37 by a banking institution chosen by the authority or, at the
1-38 discretion of the authority, in trust in the state treasury outside
1-39 the general revenue fund. The fund [and] shall be kept separate
1-40 from other funds of the authority.
1-41 (e) Interest and income earned on money deposited in the
1-42 project revolving fund shall be deposited to the credit of the
1-43 fund.
1-44 (f) Money transferred to the department for the benefit of
1-45 the authority under Section 8.02, Chapter 1171, Acts of the 75th
1-46 Legislature, Regular Session, 1997, may not be deposited in the
1-47 project revolving fund.
1-48 SECTION 3. Subsection (a), Section 361.185, Transportation
1-49 Code, is amended to read as follows:
1-50 (a) All money received under this chapter, whether as
1-51 proceeds from the sale of bonds or as revenue, is a trust fund to
1-52 be held and applied as provided by this chapter. Notwithstanding
1-53 any other law, including Section 9, Chapter 1123, Acts of the 75th
1-54 Legislature, Regular Session, 1997, funds held under this chapter
1-55 shall be held in trust by a banking institution chosen by the
1-56 authority or, at the discretion of the authority, in trust in the
1-57 state treasury outside the general revenue fund.
1-58 SECTION 4. Section 8.06, Chapter 1171, Acts of the 75th
1-59 Legislature, Regular Session, 1997, is repealed.
1-60 * * * * *