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A BILL TO BE ENTITLED
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AN ACT
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relating to the termination of certain comprehensive development |
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agreements; authorizing the issuance of bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 223, Transportation Code, |
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is amended by adding Section 223.210 to read as follows: |
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Sec. 223.210. TERMINATION OF CERTAIN COMPREHENSIVE |
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DEVELOPMENT AGREEMENTS. If the department elects to terminate a |
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comprehensive development agreement under which a private |
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participant has paid a concession fee for the right to operate and |
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collect revenue from a project, the department may: |
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(1) issue bonds under Section 228.102 if the project |
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is a toll project, Subchapter M, Chapter 201, or other authority to: |
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(A) make any applicable termination payments to |
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the private participant; or |
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(B) purchase the interest of the private |
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participant in the comprehensive development agreement or related |
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property; or |
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(2) provide for the payment of obligations of the |
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private participant incurred pursuant to the comprehensive |
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development agreement. |
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SECTION 2. Subchapter G, Chapter 370, Transportation Code, |
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is amended by adding Section 370.3125 to read as follows: |
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Sec. 370.3125. TERMINATION OF CERTAIN COMPREHENSIVE |
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DEVELOPMENT AGREEMENTS. If an authority elects to terminate a |
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comprehensive development agreement under which a private |
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participant has paid a concession fee for the right to operate and |
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collect revenue from a project, the authority may: |
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(1) issue bonds under Subchapter D to: |
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(A) make any applicable termination payments to |
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the private participant; or |
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(B) purchase the interest of the private |
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participant in the comprehensive development agreement or related |
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property; or |
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(2) provide for the payment of obligations of the |
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private participant incurred pursuant to the comprehensive |
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development agreement. |
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SECTION 3. This Act takes effect September 1, 2007. |