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A BILL TO BE ENTITLED
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AN ACT
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relating to the cessation of tolls by toll project entities in |
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certain circumstances. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 228.0111(g), Transportation Code, is |
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amended to read as follows: |
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(g) A local toll project entity has the first option to |
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develop, finance, construct, and operate a toll project under the |
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terms and conditions established under Subsection (e). A local |
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toll project entity, other than a regional mobility authority under |
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Chapter 370, has six months after the date that the market valuation |
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is mutually approved under Subsection (f) to decide whether to |
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exercise the option. For a project proposed to be located within |
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the boundaries of a regional mobility authority under Chapter 370, |
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after the market valuation is final under Subsection (f), the |
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metropolitan planning organization for the region in which the |
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project is located shall determine whether the toll project should |
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be developed using the business terms incorporated in the market |
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valuation. If the metropolitan planning organization determines |
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that the toll project should be developed using the business terms |
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in the market valuation, the regional mobility authority has six |
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months after the date the metropolitan planning organization |
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decides whether to exercise the option to develop the project. If |
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a local toll project entity exercises the option with respect to a |
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toll project under this subsection, the local toll project entity, |
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after exercising the option and within two years after the date on |
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which all environmental requirements necessary for the development |
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of the toll project are secured and all legal challenges to |
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development are concluded, must: |
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(1) enter into a contract for the construction of the |
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toll project; and |
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(2) either: |
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(A) commit to make a payment into a toll project |
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subaccount in an amount equal to the value of the toll project as |
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determined by the market valuation, to be used by the department to |
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finance the construction of additional transportation projects in |
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the region in which the toll project is located; or |
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(B) commit to construct, within the period agreed |
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to by the local toll project entity and the department, additional |
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transportation projects in the region in which the toll project is |
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located with estimated construction costs equal to the market |
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valuation of the toll project[; or
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[(C)
for a regional mobility authority under
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Chapter 370, commit to using, for a period to be agreed upon by the
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department and the authority, all surplus revenue from the toll
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project for the purposes authorized by Section 370.174(b) in an
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amount equal to the valuation of the project]. |
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SECTION 2. Section 228.012(a), Transportation Code, is |
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amended to read as follows: |
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(a) The department shall create a separate account in the |
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state highway fund to hold payments received by the department |
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under a comprehensive development agreement[, the surplus revenue
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of a toll project or system,] and payments received under Sections |
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228.0111(g)(2) and (i)(2). The department shall create |
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subaccounts in the account for each project, system, or region. |
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Interest earned on money in a subaccount shall be deposited to the |
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credit of that subaccount. |
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SECTION 3. Section 228.053(f), Transportation Code, is |
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amended to read as follows: |
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(f) The revenue and disbursements for each toll project or |
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system shall be kept separately. The revenue from one project may |
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not be used to pay the cost of another project except as authorized |
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by Section [Sections] 228.0055 [and 228.006]. |
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SECTION 4. Section 228.104(a), Transportation Code, is |
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amended to read as follows: |
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(a) The principal of, interest on, and any redemption |
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premium on bonds issued by the commission under this subchapter are |
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payable solely from: |
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(1) the revenue of the toll project or system for which |
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the bonds are issued, including tolls pledged to pay the bonds; |
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(2) the proceeds of bonds issued for the project or |
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system; |
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(3) the amounts deposited in a debt service reserve |
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fund as required by the trust agreement securing bonds issued for |
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the project or system; |
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(4) amounts received under a credit agreement relating |
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to the project or system for which the bonds are issued; and |
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(5) [surplus revenue of another project or system as
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authorized by Section 228.006; and
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[(6)] amounts received by the department: |
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(A) as pass-through tolls under Section 222.104; |
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(B) under an agreement with a local governmental |
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entity entered into under Section 228.254; |
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(C) under other agreements with a local |
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governmental entity relating to the project or system for which the |
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bonds are issued; and |
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(D) under a comprehensive development agreement |
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entered into under Section 223.201. |
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SECTION 5. Section 228.105, Transportation Code, is amended |
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to read as follows: |
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Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL |
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REVENUE BONDS. Notwithstanding any other provisions of this |
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subchapter, toll revenue bonds issued by the commission may: |
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(1) be payable from and secured by: |
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(A) payments made under an agreement with a local |
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governmental entity as provided by Section 228.254; |
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(B) the proceeds of bonds issued for the toll |
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project or system; or |
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(C) amounts deposited in a debt service reserve |
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fund as required by the trust agreement securing bonds issued for |
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the project or system; [or
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[(D)
surplus revenue of another toll project or
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system as authorized by Section 228.006;] and |
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(2) state on their faces any pledge of revenue or taxes |
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and any security for the bonds under the agreement. |
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SECTION 6. Section 366.113(a), Transportation Code, is |
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amended to read as follows: |
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(a) The principal of, interest on, and any redemption |
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premium on bonds issued by an authority are payable solely from: |
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(1) the revenue of the turnpike project or system for |
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which the bonds are issued, including tolls pledged to pay the |
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bonds; |
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(2) payments made under an agreement with the |
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commission or a local governmental entity as provided by Subchapter |
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G; |
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(3) money derived from any other source available to |
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the authority, other than money derived from a turnpike project |
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that is not part of the same system or money derived from a |
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different system[, except to the extent that the surplus revenue of
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a turnpike project or system has been pledged for that purpose]; |
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and |
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(4) amounts received under a credit agreement relating |
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to the turnpike project or system for which the bonds are issued. |
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SECTION 7. Section 370.113(a), Transportation Code, is |
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amended to read as follows: |
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(a) The principal of, interest on, and any redemption |
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premium on bonds issued by an authority are payable solely from: |
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(1) the revenue of the transportation project for |
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which the bonds are issued; |
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(2) payments made under an agreement with the |
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commission, the department, or other governmental entity as |
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provided by Subchapter G; |
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(3) money derived from any other source available to |
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the authority, other than money derived from a transportation |
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project that is not part of the same system or money derived from a |
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different system, except to the extent that the surplus revenue of a |
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transportation project or system, other than a turnpike project, |
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has been pledged for that purpose; and |
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(4) amounts received under a credit agreement relating |
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to the transportation project for which the bonds are issued. |
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SECTION 8. Subchapter B, Chapter 372, Transportation Code, |
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is amended by adding Section 372.054 to read as follows: |
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Sec. 372.054. CESSATION OF TOLLS. A toll project becomes a |
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part of the state highway system and the commission shall maintain |
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the project without tolls when the costs of acquisition and |
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construction of the project have been paid and: |
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(1) all of the bonds and interest on the bonds that are |
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payable from or secured by revenues of the project have been paid by |
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the issuer of the bonds or another person with the consent or |
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approval of the issuer; or |
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(2) a sufficient amount for the payment of all bonds |
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and interest on the bonds to maturity has been set aside by the |
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issuer of the bonds or another person with the consent or approval |
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of the issuer in a trust fund held for the benefit of the |
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bondholders. |
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SECTION 9. The following provisions of the Transportation |
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Code are repealed: |
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(1) Section 228.006; |
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(2) Section 228.109(d); |
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(3) Sections 284.008(c) and (d); |
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(4) Section 366.003(9-a); |
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(5) Section 366.037; and |
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(6) Section 366.175. |
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SECTION 10. This Act takes effect immediately if it |
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receives a vote of two-thirds of all the members elected to each |
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house, as provided by Section 39, Article III, Texas Constitution. |
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If this Act does not receive the vote necessary for immediate |
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effect, this Act takes effect September 1, 2011. |