78S30462 JTS-F
By: Ogden S.B. No. 21
A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain banks and trust companies to
furnish certain indemnifying bonds and pledge securities required
by the Texas Department of Transportation or a regional tollway
authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 361.178, Transportation Code, as amended
by Chapters 312 and 1325, Acts of the 78th Legislature, Regular
Session, 2003, is reenacted and amended to read as follows:
Sec. 361.178. FURNISHING OF INDEMNIFYING BONDS OR PLEDGE OF
SECURITIES. A bank or trust company that has its main office or a
branch located in [incorporated under the laws of] this state that
acts as depository of the proceeds of bonds or of revenue may
furnish indemnifying bonds or pledge securities that the department
requires.
SECTION 2. Section 366.117(a), Transportation Code, is
amended to read as follows:
(a) A bank or trust company that has its main office or a
branch located in [incorporated under the laws of] this state that
acts as depository of the proceeds of bonds or of revenue may
furnish indemnifying bonds or pledge securities that an authority
requires.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect on the 91st day after the last day of the
legislative session.