By Pickett, Hawley H.B. No. 1370 77R5475 JD-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the authority of certain public entities to borrow from 1-3 the state infrastructure bank. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter D, Chapter 222, Transportation Code, is 1-6 amended by adding Section 222.0745 to read as follows: 1-7 Sec. 222.0745. AUTHORITY OF PUBLIC ENTITY TO BORROW FROM 1-8 BANK. (a) This section applies only to a public entity, including 1-9 a municipality, county, district, authority, agency, department, 1-10 board, or commission, that is authorized to construct, maintain, or 1-11 finance a qualified project. 1-12 (b) A public entity may borrow funds for a qualified project 1-13 from the bank without issuing bonds or other obligations evidencing 1-14 the loan. 1-15 (c) Funds borrowed by a public entity under this section 1-16 must be segregated from other money under the control of the public 1-17 entity and may be used only for a purpose related to the qualified 1-18 project for which the funds were borrowed. 1-19 SECTION 2. This Act takes effect immediately if it receives a 1-20 vote of two-thirds of all the members elected to each house, as 1-21 provided by Section 39, Article III, Texas Constitution. If this 1-22 Act does not receive the vote necessary for immediate effect, this 1-23 Act takes effect September 1, 2001.