| TO: | Honorable Glenn Lewis, Chair, House Committee on County Affairs |
| FROM: | John Keel, Director, Legislative Budget Board |
| IN RE: | HB3017 by Solomons (Relating to the organization, administration and validation of the creation and certain action of a coordinated county transportation authority. ), Committee Report 1st House, Substituted |
The bill would amend the Transportation Code to authorize the board of directors of a coordinated county transportation authority to create procedures by which a municipality may become a participating member of the authority; accept gifts, grants, donations, receipts, or funds from any source to carry out its power and duties; and pledge government grants, contractual revenue, or lease revenue to secure payment of an authority's bonds.
Provisions of the bill would also change from a limit of 20 years for principal and interest payback for a bond issued by the authority to a maturity of up to 30 years from date of issuance. Additionally, provisions of the bill would raise the limit on the allowable amount of outstanding notes an authority may have at any one time from $1 million to $10 million.
The bill would validate the creation of the Denton County Transportation Authority. The bill would take effect September 1, 2003.
The provisions of the bill would allow an authority more flexibility relating to funding.
| Source Agencies: | |
| LBB Staff: | JK, DLBa
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