SRC-AMY, TJG S.B. 212 78(R)   BILL ANALYSIS


Senate Research Center   S.B. 212
78R2748 JRJ-DBy: Lindsay
Intergovernmental Relations
2/24/2003
As Filed


DIGEST AND PURPOSE 

Currently, Texas law does not require project-specific information in
order for a bond issue, which could lead future interpretation to include
items not in the bond's original intent.  As proposed, S.B. 212 requires a
metropolitan rapid transit authority's bond election order to specify the
bond amount, the revenue source that will pay the principal and interest
on the bonds, the project for which the bond is intended, and the
project's location. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 451.352, Transportation Code, by adding
Subsection (d), to require, in a metropolitan rapid transit authority
having a principal municipality with a population of more than 1.2
million, the order for a bond election held under Subsection (c) to
specify certain information relating to the bonds. 

SECTION 2.  Effective date: September 1, 2003.
            Makes application of this Act prospective.