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Amend HB 471 by striking all below the enacting clause and
substituting the following:
SECTION 1. Subchapter C, Chapter 201, Transportation Code,
is amended by adding Section 201.115 to read as follows:
Sec. 201.115. BORROWING MONEY. (a) The commission may
borrow money from any source to carry out the functions of the
department.
(b) A loan under this section may be in the form of an
agreement, note, contract, or other form as determined by the
commission and may contain any provisions the commission considers
appropriate, except:
(1) the term of the loan may not exceed two years;
(2) the amount of the loan, combined with any amounts
outstanding on other loans under this section, may not exceed the
average monthly revenue deposited to the state highway fund for the
12 months preceding the month of the loan; and
(3) the loan may not create general obligation of the
state and is payable only as authorized by legislative
appropriation.
(c) If the commission borrows money by the issuance of
notes, the notes shall be issued in accordance with the
requirements of Subchapter N, except that the maturity limitations
in Subsection (b) supersede the maturity limitations in Section
201.963.
(d) Notwithstanding Section 222.001, money in the state
highway fund may be used to repay a loan under this section, if
appropriated by the legislature for that purpose.
SECTION 2. Chapter 201, Transportation Code, is amended by
adding Subchapter N to read as follows:
SUBCHAPTER N. HIGHWAY TAX AND REVENUE ANTICIPATION NOTES
Sec. 201.961. DEFINITIONS. In this subchapter:
(1) "Committee" means the cash management committee
described in Section 404.122, Government Code.
(2) "Credit agreement" has the meaning assigned by
Section 1208.001, Government Code.
(3) "Notes" means tax and revenue anticipation notes
issued under this subchapter. The term includes any obligation
under a credit agreement.
Sec. 201.962. NOTES AUTHORIZED; COMMITTEE APPROVAL. (a) In
anticipation of a temporary cash flow shortfall in the state
highway fund during any fiscal year, the commission, subject to the
approval of the committee, may issue, sell, and deliver tax and
revenue anticipation notes on behalf of the state.
(b) Before issuing the notes, the commission shall submit to
the committee a state highway fund cash flow shortfall forecast
containing a detailed report of estimated revenue and expenditures.
Based on the forecast, the committee may approve the issuance of
notes in an amount not to exceed the maximum temporary cash flow
shortfall forecast.
Sec. 201.963. ISSUANCE OF NOTES. (a) The commission,
consistent with the committee's determination under Section
201.962, may issue, sell, and deliver the notes.
(b) Notes issued under this subchapter are not debts of the
state and may be used only to make up a temporary shortfall in the
state highway fund's cash flow. All notes must mature and be paid
in full during the fiscal biennium in which they were issued.
(c) Except as otherwise provided by this subsection, the
proceeds of the notes shall be deposited in a special fund in the
state treasury known as the highway tax and revenue anticipation
note fund. Notwithstanding any other provision of law, depository
interest shall be credited to the fund. The department shall
transfer the net proceeds from the fund to the state highway fund as
necessary to pay authorized expenditures. The comptroller may
invest funds in the highway tax and revenue anticipation note fund
as authorized under Section 404.024, Government Code. Proceeds of
a credit agreement may be deposited as provided by the order
authorizing the credit agreement.
(d) The commission may exercise the powers granted to the
governing body of an issuer in connection with the issuance of
obligations under Chapter 1371, Government Code, to the extent not
inconsistent with this subchapter. The notes are not subject to
review by the Bond Review Board but are subject to review and
approval by the attorney general as provided by Chapter 1371,
Government Code. On request, the comptroller may assist the
commission with the issuance of notes under this subchapter.
(e) The commission is an authorized issuer under Chapter
1201, Government Code, and that chapter applies to notes authorized
by this subchapter.
(f) Amounts in the highway tax and revenue anticipation note
fund may be pledged to secure the payment of the notes and
performance of obligations under credit agreements relating to the
notes and may be used to pay issuance costs and required rebates to
the federal government.
Sec. 201.964. FUND TRANSFERS; INTEREST; PAYMENT OF NOTES.
(a) The department periodically shall transfer cash received in the
state highway fund to the highway tax and revenue anticipation note
fund to ensure the timely payment of the notes.
(b) On payment of all outstanding notes, rebates to the
federal government, and costs of issuance, the department shall
transfer to the state highway fund any amounts remaining in the
highway tax and revenue anticipation note fund. If amounts
credited to the highway tax and revenue anticipation note fund are
insufficient to pay principal, any premium, interest, issuance
costs, and any required rebate to the federal government, amounts
in the state highway fund are available for appropriation by the
legislature to make those payments.
SECTION 3. For the fiscal biennium beginning September 1,
2003, the Texas Department of Transportation is appropriated all
money deposited in the highway tax and revenue anticipation note
fund for the purposes specified in Subchapter N, Chapter 201,
Transportation Code, as added by this Act, during that biennium. To
the extent that money deposited into the highway tax and revenue
anticipation note fund is insufficient to pay the principal of, any
premium or interest on, or costs of issuance relating to the notes,
and rebates to the federal government, the department is
appropriated from the state highway fund the amounts necessary for
the full repayment of all principal of, any premium or interest on,
or costs of issuance relating to the notes, and rebates to the
federal government.
SECTION 4. (a) Section 1 of this Act takes effect on the
date on which the constitutional amendment proposed by the 78th
Legislature, Regular Session, 2003, providing for authorization of
the borrowing of money on a short-term basis by a state
transportation agency for transportation-related projects takes
effect. If that amendment is not approved by the voters, Section 1
of this Act has no effect.
(b) Sections 2 and 3 of this Act take effect September 1,
2003.