| TO: | Honorable Mike Krusee, Chair, House Committee on Transportation |
| FROM: | John Keel, Director, Legislative Budget Board |
| IN RE: | HB3411 by Krusee (Relating to the board of directors of an intermunicipal commuter rail district.), As Introduced |
The bill would amend requirements for eligibility to serve on the board of directors of an intermunicipal commuter rail district and would prohibit certain conduct by board members.
Before beginning a term on the board, each member shall execute a surety bond in the amount of $25,000, and the secretary and treasurer of the board shall execute a surety bond in the amount of $50,000, to be filed with the Secretary of State's office. The intermunicipal commuter rail district would be required to pay the expense of the bonds.
The bill would take effect September 1, 2003 and would not affect the term of a member of the board of directors serving on the effective date, nor would existing members be prohibited from appointment under the new requirements.
The Secretary of State does not anticipate a significant fiscal impact as a result of implementation of the provisions of the bill.
Based on the amounts of the surety bonds and the minimum number (seven) of board members appointed to serve on an intermunicipal commuter rail district, a district would be responsible for a minimum of $225,000 in surety bonds.
| Source Agencies: | 307 Secretary of State, 455 Railroad Commission
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| LBB Staff: | JK, RR, JB, DLBa
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