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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing the Texas Transportation Commission, |
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subject to legislative review and approval, to designate an area |
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adjacent to a state highway project as a transportation finance |
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zone and requiring that the revenue from the state sales and use |
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taxes imposed in a transportation finance zone be used to pay |
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obligations issued in connection with the state highway project |
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located in the zone. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter M, Chapter 201, Transportation Code, |
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is amended by adding Section 201.9435 to read as follows: |
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Sec. 201.9435. TRANSPORTATION FINANCE ZONES. (a) This |
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section applies only to a state highway project in connection with |
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which the commission has issued or proposes to issue obligations |
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under Section 201.943. |
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(b) The commission by order or resolution may designate as a |
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transportation finance zone an area that is adjacent to the |
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right-of-way of an existing or proposed state highway project and |
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within two miles on either side of the center line of the state |
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highway. |
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(c) The designation of a transportation finance zone is not |
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effective until the legislature has reviewed and approved the |
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designation and boundaries of the zone. |
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(d) Notwithstanding Section 151.801(a), Tax Code, proceeds |
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from the collection of the taxes imposed by that chapter in |
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connection with a sale, storage, use, or other consumption that is |
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consummated in a transportation finance zone shall be deposited to |
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the credit of a separate account in the fund. |
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(e) The proceeds from the collection of taxes deposited to |
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the credit of the fund under Subsection (d) may be used only for the |
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purpose of paying the principal of and interest on obligations |
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issued in connection with the state highway project located in the |
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transportation finance zone in which the taxes were collected or a |
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related credit agreement. |
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(f) A transportation finance zone terminates on the earlier |
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of: |
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(1) the termination date, if any, specified in the |
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order or resolution designating the zone; or |
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(2) the date on which the principal of and interest on |
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the applicable obligations or related credit agreement are paid. |
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(g) The commission and the comptroller shall adopt rules to |
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implement and administer this section. |
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SECTION 2. This Act takes effect January 1, 2008, but only |
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if the constitutional amendment authorizing the legislature to |
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permit the Texas Transportation Commission, subject to legislative |
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review and approval, to designate the area adjacent to a state |
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highway project as a transportation finance zone and dedicating the |
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proceeds of the state sales and use taxes imposed in a |
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transportation finance zone to the Texas Mobility Fund for certain |
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purposes is approved by the voters. If that amendment is not |
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approved by the voters, this Act has no effect. |