By: Krusee H.B. No. 2652
A BILL TO BE ENTITLED
relating to the creation of a private activity bond program for
highway and surface freight facilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 222, Transportation Code,
is amended by adding Section 222.035 to read as follows:
Sec. 222.035. PRIVATE ACTIVITY BONDS. (a) In this section,
"private activity bond" has the meaning assigned by Section 141(a),
Internal Revenue Code (26 U.S.C. Section 141(a)).
(b) If the attorney general makes a determination that the
United States Congress has enacted legislation amending the
Internal Revenue Code to include highway facilities or surface
freight transfer facilities among the types of facilities for which
private activity bonds may be used:
(1) the determination shall be published in the Texas
(2) Subsections (d), (e), and (f) take effect on the
30th day after the date on which the attorney general's
determination is published in the Texas Register.
(c) The attorney general shall monitor federal legislation
for purposes of this section.
(d) The department shall administer a program for private
activity bonds issued for highway facilities or surface freight
transfer facilities in this state.
(e) The program, at a minimum, must include a process by
which the department and the Bond Review Board receive and evaluate
applications for issuance of private activity bonds for highway
facilities or surface freight transfer facilities.
(f) The department shall adopt rules to administer the
program established under this section.
(g) A private activity bond issued for highway facilities or
surface freight transfer facilities is governed by Chapter 1372,
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2005.