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A BILL TO BE ENTITLED
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AN ACT
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relating to the pledge of certain revenue of a regional |
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transportation authority to the payment of bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 452.357(a), Transportation Code, is |
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amended to read as follows: |
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(a) To secure the payment of an authority's bonds, the |
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authority may: |
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(1) pledge all or part of revenue realized from any tax |
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that the authority may impose; |
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(2) pledge any part of the revenue of the public |
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transportation system; |
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(3) mortgage any part of the public transportation |
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system, including any part of the system subsequently acquired; |
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[and] |
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(4) pledge all or part of funds the federal government |
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has committed to the authority as grants in aid; and |
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(5) provide that a pledge of revenue described by |
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Subdivision (1) or (2) is a first lien or charge against that |
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revenue. |
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SECTION 2. Section 452.358, Transportation Code, is amended |
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to read as follows: |
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Sec. 452.358. USE [PLEDGE] OF REVENUE [LIMITED]. (a) |
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Revenue in excess of amounts pledged under Section 452.357(a)(1) or |
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(2) shall be used to: |
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(1) pay the [The] expenses of operation and |
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maintenance of a public transportation system, including salaries, |
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labor, materials, and repairs necessary to provide efficient |
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service and every other proper item of expense; and |
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(2) fund operating reserves[, are a first lien and
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charge against any revenue of a public transportation system that
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is encumbered under this chapter]. |
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(b) Revenue not needed to pay or fund an item under |
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Subsection (a) shall be used to prepay bonds or other obligations of |
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the authority. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |