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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of county and municipality bond proceeds for |
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toll projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle G, Title 6, Transportation Code, is |
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amended by adding Chapter 371 to read as follows: |
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CHAPTER 371. PROVISIONS APPLICABLE TO MORE THAN |
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ONE TYPE OF TOLL PROJECT |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 371.001. DEFINITIONS. In this chapter: |
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(1) "Toll project" means a toll project described by |
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Section 201.001(b), regardless of whether the toll project is: |
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(A) a part of the state highway system; or |
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(B) subject to the jurisdiction of the |
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department. |
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(2) "Toll project entity" means an entity authorized |
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by law to acquire, design, construct, finance, operate, and |
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maintain a toll project, including: |
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(A) the department under Chapter 227 or 228; |
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(B) a regional tollway authority under Chapter |
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366; |
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(C) a regional mobility authority under Chapter |
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370; or |
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(D) a county under Chapter 284. |
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[Sections 371.002-371.050 reserved for expansion] |
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SUBCHAPTER B. FINANCING |
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Sec. 371.051. USE OF MUNICIPAL OR COUNTY BOND PROCEEDS FOR |
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TOLL PROJECT. A toll project entity may not finance any part of the |
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construction of a toll project using county or municipal bond |
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proceeds unless the use of the proceeds for the construction of the |
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project was specifically listed in the proposition for the |
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authorization to issue the bonds. |
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SECTION 2. The change in law made by this Act applies only |
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to the proceeds of county or municipal bonds that are authorized at |
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an election held on or after the effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2007. |