This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.
78R2568 JJT-D
By: Shapiro S.B. No. 955
A BILL TO BE ENTITLED
AN ACT
relating to the Texas Mobility Fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 201.943(a), Transportation Code, is
amended to read as follows:
(a) Subject to Subsections (e), (f), and (g), the commission
by order or resolution may issue obligations in the name and on
behalf of the state and the department and may enter into credit
agreements related to the obligations. The obligations may be
issued in multiple series and issues from time to time in an
aggregate amount not exceeding the maximum obligation amount. The
obligations may be issued on and may have the terms and provisions
the commission determines appropriate and in the interests of the
state. The obligations may be issued as long-term obligations,
short-term obligations, or both. The latest scheduled maturity
date of an issue or series of obligations may not be later than the
earlier of:
(1) the date, as determined by the commission, on
which 90 percent of the period of the expected useful life of the
projects to be financed with the obligations will, without material
repair of the projects, have elapsed; or
(2) the 30th anniversary of the date of issuance of the
issue or series of obligations [exceed 30 years].
SECTION 2. Section 201.945, Transportation Code, is amended
to read as follows:
Sec. 201.945. DEDICATION OF REVENUE TO FUND. (a) Annually,
as soon as possible after the beginning of each fiscal year, the
comptroller shall deposit to the credit of the fund a total of $100
million in state revenue coming into the state treasury from any
source that is not otherwise dedicated by the Texas Constitution or
other law. Amounts deposited to the credit of the fund under this
subsection are in addition to amounts required to be deposited to
the credit of the fund under:
(1) Section 49-k(d), Article III, Texas Constitution;
or
(2) any other law other than this subsection.
(b) Annually, the revenue of the state that is dedicated or
appropriated to the fund pursuant to Section 49-k(e), Article III,
Texas Constitution, shall be deposited to the fund in accordance
with Section 49-k(f), Article III, Texas Constitution.
SECTION 3. This Act takes effect September 1, 2003.