By Goolsby, McCall, Hodge, Marchant H.B. No. 1683
77R5453 JD-F
A BILL TO BE ENTITLED
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 anticipated future funds the
1-22 authority expects to receive from grants in aid from the federal
1-23 government.
1-24 (e) The authority may pledge funds described by Subsection
2-1 (a)(4):
2-2 (1) as the sole security for the bonds; or
2-3 (2) in addition to any other security described by
2-4 this section.
2-5 SECTION 3. Subchapter O, Chapter 452, Transportation Code, is
2-6 amended by adding Section 452.580 to read as follows:
2-7 Sec. 452.580. CHANGE OF BUDGETING POLICY. A subregional
2-8 board may adopt on a two-thirds vote of the board a budgeting
2-9 policy for the authority that provides for the adoption and
2-10 implementation of a budget that extends for two fiscal years.
2-11 SECTION 4. This Act takes effect September 1, 2001.