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A BILL TO BE ENTITLED
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AN ACT
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relating to financial security required of regional tollway |
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authorities in connection with the provision of toll collection |
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services. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 366.038, Transportation Code, is amended |
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to read as follows: |
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Sec. 366.038. TOLL COLLECTION. (a) An authority shall |
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provide, for reasonable compensation, customer service and other |
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toll collection and enforcement services for a toll project in the |
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boundaries of the authority, regardless of whether the toll project |
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is developed, financed, constructed, and operated under an |
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agreement, including a comprehensive development agreement, with |
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the authority or another entity. |
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(b) An authority may not provide financial security, |
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including a cash collateral account, for the performance of tolling |
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services the authority provides under this section if: |
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(1) the authority determines that providing security |
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could restrict the amount, or increase the cost, of bonds or other |
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debt obligations the authority may subsequently issue under this |
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chapter; or |
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(2) the authority is not reimbursed its cost of |
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providing the security. |
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SECTION 2. 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. |