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A BILL TO BE ENTITLED
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AN ACT
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relating to the amount of bonds and other public securities that may |
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be secured by a pledge of and payable from revenue deposited to the |
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credit of the state highway fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsections (b) and (d), Section 222.003, |
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Transportation Code, are amended to read as follows: |
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(b) The aggregate principal amount of the bonds and other |
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public securities that are issued may not exceed $6 [$3] billion. |
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The commission may only issue bonds or other public securities in an |
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aggregate principal amount of not more than $1.5 [$1] billion each |
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year. |
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(d) Of the aggregate principal amount of bonds and other |
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public securities that may be issued under this section, the |
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commission shall issue bonds or other public securities in an |
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aggregate principal amount of $1.2 billion [$600 million] to fund |
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projects that reduce accidents or correct or improve hazardous |
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locations on the state highway system. The commission by rule shall |
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prescribe criteria for selecting projects eligible for funding |
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under this section. In establishing criteria for the projects, the |
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commission shall consider accident data, traffic volume, pavement |
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geometry, and other conditions that can create or exacerbate |
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hazardous roadway conditions. |
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SECTION 2. This Act takes effect September 1, 2007. |