By: Wentworth  S.B. No. 1074
         (In the Senate - Filed March 2, 2007; March 14, 2007, read
  first time and referred to Committee on Transportation and Homeland
  Security; April 2, 2007, reported favorably by the following vote:  
  Yeas 9, Nays 0; April 2, 2007, sent to printer.)
 
 
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.
 
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