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79R5580 JTS-F

By:  Shapleigh                                                    S.B. No. 755



A BILL TO BE ENTITLED

AN ACT

relating to the administration of the state infrastructure bank.              
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 222.072(b), Transportation Code, is 
amended to read as follows:
	(b)  Federal funds received by the state under the federal 
act, matching state funds in an amount required by that act, 
proceeds from bonds issued under Section 222.075, [money saved as a 
result of contracting with a private entity for maintenance and 
repair services for department vehicles,] secondary funds, other 
state funds deposited into the bank by order of the commission, and 
other money received by the state that is eligible for deposit in 
the bank may be deposited into the bank and used only for the 
purposes described in this subchapter.
	SECTION 2.  Section 222.073, Transportation Code, is amended 
to read as follows:
	Sec. 222.073.  PURPOSES OF INFRASTRUCTURE BANK.  
Notwithstanding any provision of Section 222.001 to the contrary, 
the [The] commission shall use money deposited in the bank to:
		(1)  encourage public and private investment in 
transportation facilities, including facilities that contribute to 
the multimodal and intermodal transportation capabilities of the 
state, and including facilities that are not part of the state 
highway system;  and
		(2)  develop financing techniques designed to:                                
			(A)  expand the availability of funding for 
transportation projects and to reduce direct state costs;
			(B)  maximize private and local participation in 
financing projects;  and  
			(C)  improve the efficiency of the state 
transportation system.            
	SECTION 3.  Section 222.076, Transportation Code, is amended 
to read as follows:
	Sec. 222.076.  SEPARATE SUBACCOUNTS.  (a) The bank shall 
consist of at least two separate subaccounts, a highway subaccount 
and a transit subaccount.
	(b)  The commission may create one or more subaccounts that 
are capitalized exclusively with state funds. Subaccounts 
capitalized exclusively with state funds are not subject to the 
federal act.
	SECTION 4.  Sections 222.077(a) and (c), Transportation 
Code, are amended to read as follows:
	(a)  Any funds disbursed through the state infrastructure 
bank must be repaid on terms determined by the commission. Terms for 
repayment of a disbursement from a subaccount other than a 
subaccount described by Section 222.076(b) must [that] comply with 
the federal act.
	(c)  The commission shall administer the bank in compliance 
with the applicable requirements of the federal act and any 
applicable federal regulation or guideline.
	SECTION 5.  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.