By Lucio S.B. No. 241
77R4057 DRH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the financing, construction, and improvement to
1-3 critical transportation projects by the Texas Department of
1-4 Transportation.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Subchapter B, Chapter 222, Transportation Code,
1-7 is amended by adding Section 222.035 to read as follows:
1-8 Sec. 222.035. ISSUANCE OF GRANT ANTICIPATION REVENUE BONDS.
1-9 (a) The commission may issue bonds secured by a pledge of and
1-10 payable from revenue received or to be received from the federal
1-11 government that is available for the payment of bonds and
1-12 bond-related costs under 23 U.S.C. Section 122 and its subsequent
1-13 amendments and from other revenue deposited in the state highway
1-14 fund.
1-15 (b) Proceeds from the sale of bonds issued under this
1-16 section shall be used to fund improvements to transportation
1-17 projects in the three border transportation districts of Pharr,
1-18 Laredo, and El Paso.
1-19 (c) Chapters 1201, 1202, 1204, 1231, and 1371, Government
1-20 Code, apply to bonds issued under this chapter.
1-21 (d) The proceeds of bonds issued under this section may not
1-22 be used for any purpose other than the purposes for which federal
1-23 revenues are dedicated under Section 7-b, Article VIII, Texas
1-24 Constitution.
2-1 (e) The commission may enter into bond enhancement
2-2 agreements relating to the bonds authorized by this section. The
2-3 agreements may be secured by and made payable from the same sources
2-4 as the bonds.
2-5 (f) The maximum annual debt service in any fiscal year on
2-6 state debt authorized by this section may not exceed 15 percent of
2-7 the amount received from the federal highway trust fund by this
2-8 state in the preceding fiscal year.
2-9 (g) Before September 1, 2004, the Sunset Advisory Commission
2-10 shall review, conduct a performance evaluation of, and prepare a
2-11 written report on the improvements made with the proceeds of bonds
2-12 issued under this section in the manner that Chapter 325,
2-13 Government Code (Texas Sunset Act), requires the Sunset Advisory
2-14 Commission to review, evaluate, and report on a state agency
2-15 scheduled to be abolished on September 1, 2005. The department
2-16 shall perform any duty related to that review and evaluation that
2-17 Chapter 325, Government Code (Texas Sunset Act), imposes on a state
2-18 agency under that chapter.
2-19 (h) A project in the border transportation districts shall
2-20 receive priority by the commission if the project:
2-21 (1) involves an improvement to existing transportation
2-22 or supporting infrastructure that facilitates passage across the
2-23 Texas-Mexico border of passenger vehicles and commercial motor
2-24 vehicles;
2-25 (2) is related to construction of a highway that aids
2-26 the movement of passenger vehicles and commercial motor vehicles on
2-27 a high priority corridor on the national highway system; or
3-1 (3) involves a construction improvement, including an
3-2 improvement relating to electronic data interchange and use of
3-3 telecommunications to expedite movement of vehicular traffic across
3-4 the Texas-Mexico border.
3-5 SECTION 2. Subchapter B, Chapter 223, Transportation Code,
3-6 is amended by adding Section 223.049 to read as follows:
3-7 Sec. 223.049. REPORTING REQUIREMENTS. Not later than
3-8 December 1 of each even-numbered year, the commission shall report
3-9 to the governor, lieutenant governor, and speaker of the house of
3-10 representatives on the use and effectiveness of bonds issued under
3-11 Section 222.035. The report must include:
3-12 (1) a description of the use of:
3-13 (A) matching funds, matching funds relief, and
3-14 local incentives in approved bond projects;
3-15 (B) bonds for the acceleration of the Texas
3-16 highway trunk system as defined by department rule; and
3-17 (C) bonds for the development of highway and
3-18 bridge improvements in this state and along the Texas-Mexico
3-19 border;
3-20 (2) a list of projected, planned, and funded projects
3-21 and the location of the projects that have been or will be
3-22 constructed with the proceeds of the bonds issued under Section
3-23 222.035;
3-24 (3) recommended methods for optimum use of the bonds
3-25 and leveraging of state and federal funds to meet the needs of
3-26 international trade; and
3-27 (4) projections for the construction of improvements
4-1 to critical transportation projects in the three border
4-2 transportation districts of Pharr, Laredo, and El Paso for the next
4-3 2, 4, 10, and 20 years if the authorization to issue bonds under
4-4 Section 222.035 is continued.
4-5 SECTION 3. This Act takes effect on the date on which the
4-6 constitutional amendment proposed by the 77th Legislature, Regular
4-7 Session, 2001, that authorizes the legislature to provide for the
4-8 issuance of bonds for certain improvements to the state highway
4-9 system, takes effect. If that amendment is not approved by the
4-10 voters, this Act has no effect.