By: Krusee (Senate Sponsor - Staples) H.B. No. 2652
(In the Senate - Received from the House May 10, 2005;
May 12, 2005, read first time and referred to Committee on
Transportation and Homeland Security; May 23, 2005, reported
adversely, with favorable Committee Substitute by the following
vote: Yeas 6, Nays 0; May 23, 2005, sent to printer.)
COMMITTEE SUBSTITUTE FOR H.B. No. 2652 By: Barrientos
A BILL TO BE ENTITLED
AN ACT
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
Register; and
(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) To the extent that private activity bonds for highway
facilities or surface freight transfer facilities are subject to
the state ceiling under Section 146, Internal Revenue Code (26
U.S.C. Section 146), the issuance of bonds for such facilities is
governed by Chapter 1372, Government Code.
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.
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