| |
|
|
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. |