1-1 AN ACT
1-2 relating to the issuance of general obligation bonds and notes to
1-3 provide financial assistance to counties for roadway projects to
1-4 serve border colonias.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Subtitle G, Title 9, Government Code, is amended
1-7 by adding Chapter 1403 to read as follows:
1-8 CHAPTER 1403. GENERAL OBLIGATION BONDS
1-9 FOR CERTAIN BORDER COLONIA PROJECTS
1-10 Sec. 1403.001. DEFINITIONS. In this chapter:
1-11 (1) "Authority" means the Texas Public Finance
1-12 Authority.
1-13 (2) "Commission" means the Texas Transportation
1-14 Commission.
1-15 Sec. 1403.002. GENERAL OBLIGATION BONDS AND NOTES FOR BORDER
1-16 COLONIA ROADWAY PROJECTS. (a) As provided by Section 49-1,
1-17 Article III, Texas Constitution, the authority shall, in accordance
1-18 with requests from the office of the governor:
1-19 (1) issue general obligation bonds and notes in an
1-20 aggregate amount not to exceed $175 million, as authorized by the
1-21 office of the governor under Subsection (b); and
1-22 (2) as directed by the Texas Department of
1-23 Transportation, distribute the proceeds from the sale of the bonds
1-24 and notes to counties to provide financial assistance for colonia
1-25 access roadway projects to serve border colonias.
2-1 (b) The office of the governor shall determine the amount of
2-2 bonds or notes to be issued at any one time by the authority under
2-3 Subsection (a)(1) and the times at which the bonds or notes are
2-4 issued.
2-5 (c) The commission shall establish a program to administer
2-6 the use of the proceeds of the bonds and notes. The Texas
2-7 Department of Transportation shall administer the program in
2-8 cooperation with the office of the governor, the secretary of
2-9 state, and the Texas A&M University Center for Housing and Urban
2-10 Development.
2-11 (d) The commission, in cooperation with the office of the
2-12 governor, shall:
2-13 (1) define by rule "border colonia";
2-14 (2) establish by rule criteria for selecting which
2-15 areas and which colonia access roadway projects are eligible for
2-16 assistance under this chapter;
2-17 (3) determine the counties and the colonia access
2-18 roadway projects that are to receive financial assistance and the
2-19 amount of assistance given to a county or project;
2-20 (4) establish by rule minimum road standards a
2-21 county's colonia access roadway proposal must meet to be awarded a
2-22 grant;
2-23 (5) establish by rule grant application procedures;
2-24 and
2-25 (6) establish by rule financial reporting requirements
2-26 for counties that receive assistance for colonia access roadway
3-1 projects to serve border colonias.
3-2 (e) The issuance of general obligation bonds under this
3-3 chapter shall comply with and is subject to Subtitle A, of this
3-4 title, Chapter 1231, and applicable provisions of Chapters 1232 and
3-5 1371.
3-6 (f) In connection with bonds or notes issued under this
3-7 section, the authority may enter into one or more credit agreements
3-8 at any time for a period and on conditions the authority approves.
3-9 For purposes of this subsection, "credit agreement" includes:
3-10 (1) an interest rate swap agreement;
3-11 (2) an interest rate lock agreement;
3-12 (3) a currency swap agreement;
3-13 (4) a forward payment conversion agreement;
3-14 (5) an agreement to provide payments based on levels
3-15 of or changes in interest rates or currency exchange rates;
3-16 (6) an agreement to exchange cash flows or a series of
3-17 payments;
3-18 (7) an option, put, or call to hedge payment,
3-19 currency, rate, spread, or other exposure; or
3-20 (8) another agreement that enhances the marketability,
3-21 security, or creditworthiness of bonds or notes.
3-22 SECTION 2. This Act takes effect on the date on which the
3-23 constitutional amendment proposed by the 77th Legislature, Regular
3-24 Session, 2001, authorizing the issuance of state general obligation
3-25 bonds or notes to provide financial assistance to counties for
3-26 roadway projects to serve border colonias takes effect. If that
4-1 amendment is not approved by the voters, this Act has no effect.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1296 passed the Senate on
April 18, 2001, by the following vote: Yeas 29, Nays 1, one
present not voting; and that the Senate concurred in House
amendment on May 26, 2001, by a viva-voce vote.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1296 passed the House, with
amendment, on May 23, 2001, by a non-record vote.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor