By: Wentworth S.B. No. 1074
 
 
A BILL TO BE ENTITLED
AN ACT
relating to short-term revenue bonds in certain metropolitan rapid
transit authorities.
       BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
       SECTION 1.  Section 451.362, Transportation Code, is amended
by amending Subsection (a) and adding Subsection (d) to read as
follows:
       (a)  Notwithstanding other provisions of this chapter and
except as provided by Subsections [Subsection] (c) and (d), the
board, by order or resolution, may issue bonds that are secured by
revenue or taxes of the authority if the bonds:
             (1)  have a term of not more than 12 months; and
             (2)  are payable only from revenue or taxes received on
or after the date of their issuance and before the end of the fiscal
year following the fiscal year in which the bonds are issued.
       (d)  In an authority created before 1980 in which the
principal municipality has a population of less than 1.2 million,
bonds may have a term of not more than 10 years. The bonds are
payable only from fee revenue received on or after the date the
bonds are issued.
       SECTION 2.  This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution.  If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2007.