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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of the Texas Mobility Fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 201.946, Transportation Code, is amended |
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by amending Subsection (d) and adding Subsection (d-1) to read as |
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follows: |
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(d) To the extent money is on deposit in the fund in amounts |
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that are in excess of the money required by the proceedings |
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authorizing the obligations and credit agreements to be retained on |
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deposit, the commission may use the money: |
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(1) to repay the principal of and interest on |
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obligations issued under other provisions of law, including: |
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(A) notes issued and loans obtained as authorized |
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by Section 49-m, Article III, Texas Constitution; and |
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(B) bonds and other public securities issued, and |
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bond enhancement agreements entered into, as authorized by Section |
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49-n, Article III, Texas Constitution, as proposed by H.J.R. 28, |
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Acts of the 78th Legislature, Regular Session, 2003; or |
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(2) for any purpose for which obligations may be |
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issued under this subchapter. |
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(d-1) The commission may use money in the fund for a purpose |
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described by Subsection (d) only to the extent that the proceeds of |
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those obligations are used for purposes described by Section |
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201.943(d). |
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SECTION 2. This Act takes effect September 1, 2011. |