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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of the proceeds of bonds and other public |
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securities that are secured by the state highway fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 222.003(c), Transportation Code, is |
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amended to read as follows: |
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(c) Proceeds from the sale of bonds and other public |
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securities issued under this section shall be used to fund state |
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highway improvement projects except that 20 percent of the proceeds |
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shall be deposited in a separate account to be designated as the |
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high impact NAFTA corridor account. Money in the account may be |
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used only to fund state highway projects that are designed to: |
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(1) facilitate the flow of commercial vehicular |
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traffic in international commerce; |
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(2) provide direct access to one or more international |
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ports of entry; |
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(3) have a higher volume of commercial vehicles |
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carrying freight in international commerce than in domestic |
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commerce; |
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(4) be used mainly by commercial vehicular traffic in |
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support of just-in-time manufacturing operations; and |
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(5) relieve the burden on local streets and roads |
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caused by commercial vehicles engaged in international traffic or |
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commerce. |
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SECTION 2. The change in law made by this Act applies only |
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to the proceeds from bonds or other public securities authorized by |
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Section 222.003, Transportation Code, as amended by this Act, sold |
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on or after the effective date of this Act. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |