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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of bonds by an advanced transportation |
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district. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 451.352, Transportation Code, is amended |
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by adding Subsection (d) to read as follows: |
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(d) An advanced transportation district created under |
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Subchapter O may issue bonds without holding an election to |
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authorize that action. |
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SECTION 2. Section 451.702(f), Transportation Code, is |
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amended to read as follows: |
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(f) The district shall use one-half of the proceeds of the |
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sales and use tax only for advanced transportation purposes as |
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determined by the governing body of the district. The governing |
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body of the district may use the proceeds for [Those purposes may
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include] a debt service requirement, capitalized interest, reserve |
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fund requirement, credit agreement as defined by Section 1371.001, |
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Government Code, administrative cost, or other bond-related cost |
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incurred by or relating to the issuance of obligations by the |
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district relating to the purchase, design, construction, |
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reconstruction, alteration, financing, and maintenance of advanced |
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transportation facilities, equipment, operations, systems, and |
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services, including a feasibility study, operation, or |
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professional or other service in connection with the facilities, |
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equipment, operations, systems, and services. |
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SECTION 3. Section 451.707(d), Transportation Code, is |
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amended to read as follows: |
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(d) Except as otherwise provided by this subchapter and |
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Section 451.352(d), the district has the same powers of the |
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authority that called the election creating the district as |
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provided by Subchapters B, C, F, H, I, and K. |
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SECTION 4. 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, 2011. |