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                                  * * * * *