1-1 AN ACT
1-2 relating to the powers of certain transportation authorities and to
1-3 the exercise of those powers.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 452.108, Transportation Code, is amended
1-6 by adding Subsection (f) to read as follows:
1-7 (f) Subsection (c) does not apply to a lease or financing
1-8 agreement that is payable from or secured by a pledge of funds
1-9 described by Section 452.357(a)(4).
1-10 SECTION 2. Section 452.357, Transportation Code, is amended
1-11 by amending Subsection (a) and adding Subsection (e) to read as
1-12 follows:
1-13 (a) To secure the payment of an authority's bonds, the
1-14 authority may:
1-15 (1) pledge all or part of revenue realized from any
1-16 tax that the authority may impose;
1-17 (2) pledge any part of the revenue of the public
1-18 transportation system; [and]
1-19 (3) mortgage any part of the public transportation
1-20 system, including any part of the system subsequently acquired; and
1-21 (4) pledge all or part of funds the federal government
1-22 has committed to the authority as grants in aid.
1-23 (e) The authority may pledge funds described by Subsection
1-24 (a)(4):
2-1 (1) as the sole security for the bonds; or
2-2 (2) in addition to any other security described by
2-3 this section.
2-4 SECTION 3. Subchapter O, Chapter 452, Transportation Code, is
2-5 amended by adding Section 452.580 to read as follows:
2-6 Sec. 452.580. CHANGE OF BUDGETING POLICY. A subregional
2-7 board may adopt on a two-thirds vote of the board a budgeting
2-8 policy for the authority that provides for the adoption and
2-9 implementation of a budget that extends for two fiscal years, with
2-10 annual reviews as needed.
2-11 SECTION 4. This Act takes effect September 1, 2001.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 1683 was passed by the House on March
21, 2001, by a non-record vote.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 1683 was passed by the Senate on May
17, 2001, by the following vote: Yeas 29, Nays 0, 2 present, not
voting.
_______________________________
Secretary of the Senate
APPROVED: __________________________
Date
__________________________
Governor