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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of county and municipal bond proceeds for toll |
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projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) Chapter 371, Transportation Code, as added |
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by Chapter 103, Acts of the 80th Legislature, Regular Session, |
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2007, is amended by adding Subchapter C to read as follows: |
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SUBCHAPTER C. FINANCING |
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Sec. 371.101. USE OF COUNTY OR MUNICIPAL BOND PROCEEDS FOR |
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TOLL PROJECT. A toll project entity may not finance any part of the |
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construction of a toll project using county or municipal bond |
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proceeds unless the use of the proceeds for the construction of the |
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project was specifically listed in the proposition for the |
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authorization to issue the bonds. |
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(b) The change in law made by this section of this Act |
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applies only to the proceeds of county or municipal bonds that are |
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authorized at an election held on or after the effective date of |
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this Act. |
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SECTION 2. (a) Chapter 372, Transportation Code, is amended |
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by adding Subchapter C to read as follows: |
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SUBCHAPTER C. FINANCING |
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Sec. 372.101. USE OF COUNTY OR MUNICIPAL BOND PROCEEDS FOR |
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|
TOLL PROJECT. A toll project entity may not finance any part of the |
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|
construction of a toll project using county or municipal bond |
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|
proceeds unless the use of the proceeds for the construction of the |
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|
project was specifically listed in the proposition for the |
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|
authorization to issue the bonds. |
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(b) The change in law made by this section of this Act |
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applies only to the proceeds of county or municipal bonds that are |
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authorized at an election held on or after the effective date of |
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this Act. |
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SECTION 3. (a) Section 1 of this Act takes effect only if |
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the Act of the 81st Legislature, Regular Session, 2009, relating to |
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nonsubstantive additions to and corrections in existing codes |
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(H.B. __ or S.B. __) does not become law. If the Act of the 81st |
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Legislature, Regular Session, 2009, relating to nonsubstantive |
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additions to and corrections in existing codes (H.B. __ or S.B. __) |
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becomes law, Section 1 of this Act has no effect. |
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(b) Section 2 of this Act takes effect only if the Act of the |
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81st Legislature, Regular Session, 2009, relating to |
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nonsubstantive additions to and corrections in existing codes |
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(H.B. __ or S.B. __) becomes law. If the Act of the 81st |
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Legislature, Regular Session, 2009, relating to nonsubstantive |
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additions to and corrections in existing codes (H.B. __ or S.B. __) |
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does not become law, Section 2 of this Act has no effect. |
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SECTION 4. This Act takes effect September 1, 2009. |