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By: Shapleigh S.B. No. 755
(In the Senate - Filed February 25, 2005; March 10, 2005,
read first time and referred to Committee on Transportation and
Homeland Security; April 7, 2005, reported favorably by the
following vote: Yeas 9, Nays 0; April 7, 2005, sent to printer.)
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. Subsection (b), Section 222.072, 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. Subsections (a) and (c), Section 222.077,
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.
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