By Shapiro                                             S.B. No. 343
         77R2644 JD-F                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to funds maintained by and for the Texas Turnpike
 1-3     Authority division of the Texas Department of Transportation.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Sections 361.182(a), (g), and (h), Transportation
 1-6     Code, are reenacted to read as follows:
 1-7           (a)  The authority shall maintain the Texas Turnpike
 1-8     Authority feasibility study fund.  The fund is a revolving fund
 1-9     held in trust by a banking institution chosen by the authority or,
1-10     at the discretion of the authority, in trust in the state treasury
1-11     outside the general revenue fund.  The fund shall be kept separate
1-12     from the money for any project.
1-13           (g)  Interest and income earned on money deposited in the
1-14     feasibility study fund shall be deposited to the credit of the
1-15     fund.
1-16           (h)  Money transferred to the department for the benefit of
1-17     the authority under Section 8.02, Chapter 1171, Acts of the 75th
1-18     Legislature, Regular Session, 1997, shall remain in the state
1-19     treasury and may not be transferred to a private banking
1-20     institution.  This money is exempt from the application of Section
1-21     403.095, Government Code, and is not subject to reduction or
1-22     elimination under any other provision of the Government Code.
1-23           SECTION 2. Sections 361.184(a), (e), and (f), Transportation
1-24     Code, are reenacted to read as follows:
 2-1           (a)  The authority may maintain the Texas Turnpike Authority
 2-2     project revolving fund.  The fund is a revolving fund held in trust
 2-3     by a banking institution chosen by the authority or, at the
 2-4     discretion of the authority, in trust in the state treasury outside
 2-5     the general revenue fund.  The fund shall be kept separate from
 2-6     other funds of the authority.
 2-7           (e)  Interest and income earned on money deposited in the
 2-8     project revolving fund shall be deposited to the credit of the
 2-9     fund.
2-10           (f)  Money transferred to the department for the benefit of
2-11     the authority under Section 8.02, Chapter 1171, Acts of the 75th
2-12     Legislature, Regular Session, 1997, may not be deposited in the
2-13     project revolving fund.
2-14           SECTION 3. Section 361.185(a), Transportation Code, is
2-15     reenacted to read as follows:
2-16           (a)  All money received under this chapter, whether as
2-17     proceeds from the sale of bonds or as revenue, is a trust fund to
2-18     be held and applied as provided by this chapter.  Notwithstanding
2-19     any other law, including Section 9, Chapter 1123, Acts of the 75th
2-20     Legislature, Regular Session, 1997, funds held under this chapter
2-21     shall be held in trust by a banking institution chosen by the
2-22     authority or, at the discretion of the authority, in trust in the
2-23     state treasury outside the general revenue fund.
2-24           SECTION 4.  This Act takes effect immediately if it receives
2-25     a vote of two-thirds of all the members elected to each house, as
2-26     provided by Section 39, Article III, Texas Constitution.  If this
2-27     Act does not receive the vote necessary for immediate effect, this
 3-1     Act takes effect September 1, 2001.