Amend CSHB 2702 by striking SECTION 2.02 of the bill
(committee printing, page 6, lines 23-32) and substitute the
following:
SECTION 2.02. Section 201.115, Transportation Code, is
amended by amending Subsections (a), (b), and (c) to read as
follows:
(a) The commission may authorize the department to 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 an
amount that is two times 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 department [commission] borrows money by the
issuance of notes, the notes shall be considered a state security
for purposes of Chapter 1231, Government Code [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].