BILL ANALYSIS
Senate Research Center S.B. 1795
Transportation & Homeland Security
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
H.B. 3588, 78th Legislature, Regular Session, 2003, provided the Texas Transportation Commission with several options to address the state’s need to build and improve roadways throughout the state, including the authority to issue bonds against state motor fuel tax deposits. The current statute provides for a $3 billion cap on the usage of these bonds, limiting the maximum amount that may be used in a single year to $1 billion. Of this amount, $600 million is required to be used on highway safety programs.
As proposed, S.B. 1795 doubles the cap on the bonds that may be issued to fund highway projects to $6 billion, doubles the limit on the amount that can be issued in any single year to $1.5 billion, and doubles the required amount to be spent on highway safety projects to $1.2 billion.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Sections 222.003(b) and (d), Transportation Code, as follows:
(b) Increases the maximum value of the aggregate principal amount of bonds and other public securities the Texas Transportation Commission (commission) is authorized to issue from $3 billion to $6 billion. Increases the maximum value of the aggregate principal amount of bonds and other public securities the commission is authorized to issue each year from $1 billion to $1.5 billion.
(d) Increases the maximum value of the aggregate principal amount of bonds and other public securities the commission is required to issue to fund projects that reduce accidents or correct or improve hazardous locations in the highway system from $600 million to $1.2 billion, out of the aggregate principal amount of bonds and other public securities that are authorized to be issued under this section.
SECTION 2. Effective date: September 1, 2007.