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A BILL TO BE ENTITLED
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AN ACT
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relating to short-term revenue bonds in certain metropolitan rapid |
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transit authorities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 451.362, Transportation Code, is amended |
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by amending Subsection (a) and adding Subsection (d) to read as |
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follows: |
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(a) Notwithstanding other provisions of this chapter and |
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except as provided by Subsections [Subsection] (c) and (d), the |
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board, by order or resolution, may issue bonds that are secured by |
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revenue or taxes of the authority if the bonds: |
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(1) have a term of not more than 12 months; and |
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(2) are payable only from revenue or taxes received on |
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or after the date of their issuance and before the end of the fiscal |
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year following the fiscal year in which the bonds are issued. |
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(d) In an authority created before 1980 in which the |
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principal municipality has a population of less than 1.2 million, |
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bonds may have a term of not more than 10 years. The bonds are |
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payable only from fee revenue received on or after the date the |
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bonds are issued. |
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SECTION 2. 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. |