TO: | Honorable Mike Krusee, Chair, House Committee on Transportation |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | HB2650 by Krusee (Relating to local government participation in the financing of turnpike projects.), As Introduced |
The bill would authorize a local government to enter into an agreement with the Texas Department of Transportation (TxDOT) or a private entity. Under the agreement, the local government would assist in the financing of the construction, maintenance, and operation of a turnpike project located in the government's jurisdiction in return for a percentage of the revenue from the project. The local government would be allowed to use any revenue available for road purposes, including bond and tax proceeds, to provide financing for a turnpike project covered by the agreement. The bill would take effect September 1, 2005.
According to TxDOT, the savings in the cost of building the project would offset the loss of toll revenue that is provided back to locals and would depend on the amount of revenue the department agrees to reimburse to the local entity.
Source Agencies: | 601 Department of Transportation
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LBB Staff: | JOB, SR, DLBa
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