1-1 By: Goolsby, et al. (Senate Sponsor - Cain) H.B. No. 1683
1-2 (In the Senate - Received from the House March 22, 2001;
1-3 March 26, 2001, read first time and referred to Committee on
1-4 Intergovernmental Relations; May 9, 2001, reported favorably by the
1-5 following vote: Yeas 5, Nays 0, 1 present, not voting;
1-6 May 9, 2001, sent to printer.)
1-7 A BILL TO BE ENTITLED
1-8 AN ACT
1-9 relating to the powers of certain transportation authorities and to
1-10 the exercise of those powers.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Section 452.108, Transportation Code, is amended
1-13 by adding Subsection (f) to read as follows:
1-14 (f) Subsection (c) does not apply to a lease or financing
1-15 agreement that is payable from or secured by a pledge of funds
1-16 described by Section 452.357(a)(4).
1-17 SECTION 2. Section 452.357, Transportation Code, is amended
1-18 by amending Subsection (a) and adding Subsection (e) to read as
1-19 follows:
1-20 (a) To secure the payment of an authority's bonds, the
1-21 authority may:
1-22 (1) pledge all or part of revenue realized from any
1-23 tax that the authority may impose;
1-24 (2) pledge any part of the revenue of the public
1-25 transportation system; [and]
1-26 (3) mortgage any part of the public transportation
1-27 system, including any part of the system subsequently acquired; and
1-28 (4) pledge all or part of funds the federal government
1-29 has committed to the authority as grants in aid.
1-30 (e) The authority may pledge funds described by Subsection
1-31 (a)(4):
1-32 (1) as the sole security for the bonds; or
1-33 (2) in addition to any other security described by
1-34 this section.
1-35 SECTION 3. Subchapter O, Chapter 452, Transportation Code, is
1-36 amended by adding Section 452.580 to read as follows:
1-37 Sec. 452.580. CHANGE OF BUDGETING POLICY. A subregional
1-38 board may adopt on a two-thirds vote of the board a budgeting
1-39 policy for the authority that provides for the adoption and
1-40 implementation of a budget that extends for two fiscal years, with
1-41 annual reviews as needed.
1-42 SECTION 4. This Act takes effect September 1, 2001.
1-43 * * * * *