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A BILL TO BE ENTITLED
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AN ACT
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relating to state financing for certain transportation projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 222, Transportation Code, |
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is amended by adding Section 222.054 to read as follows: |
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Sec. 222.054. LOCAL PARTICIPATION: PROJECT ANALYSIS. (a) |
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Before the department agrees to provide financing to a political |
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subdivision for a highway or road project, the department shall use |
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private sector engineering-related services, as described by |
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Section 223.041(a), to conduct an independent analysis of the |
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project, including an evaluation of whether the project is suitable |
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for any financing mechanism or structure that would: |
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(1) decrease the amount of financing provided by the |
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department to the local authority; or |
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(2) increase the revenue return of the project, if |
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any, used to pay the debt service on an annual basis. |
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(b) If the project is eligible for a financing mechanism or |
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structure that meets a purpose described by Subsection (a), the |
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department shall require the political subdivision to adopt the |
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financing mechanism or structure as a condition of the department |
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agreeing to provide financing to the political subdivision. |
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(c) The department by rule shall develop programs to educate |
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local transportation planning entities about financing mechanisms |
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and structures available to political subdivisions for highway or |
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road projects, including: |
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(1) economically driven mobility projects eligible |
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for financing under Section 222.078; |
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(2) pass-through tolls under Section 222.104; and |
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(3) transportation reinvestment zones under Sections |
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222.106 and 222.107. |
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SECTION 2. Subchapter D, Chapter 222, Transportation Code, |
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is amended by adding Section 222.078 to read as follows: |
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Sec. 222.078. ECONOMICALLY DRIVEN MOBILITY PROJECT |
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SUBACCOUNT. (a) The economically driven mobility project |
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subaccount is a subaccount in the bank. The subaccount consists of |
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revenue received from projects financed under this section and |
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proceeds from obligations secured by revenue received from those |
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projects. Money in the subaccount may be used only to finance |
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projects selected as economically driven using the process and |
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criteria developed under this section. |
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(b) The department by rule shall develop a process and |
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criteria for project selection using established economic |
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principles for evaluating projects. Project selection criteria |
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must prioritize projects that: |
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(1) promote economic development, including by |
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creating employment and cash flow; |
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(2) have sustainable economic value; |
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(3) create transportation corridors as opposed to |
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isolated projects; and |
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(4) have a reliable source of local financial |
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participation. |
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(c) To be eligible for financing under this section, a |
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project must have a source of financial participation from one or |
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more local governments in whose boundaries the project will be |
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located. |
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(d) The department shall develop a project application |
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process for local transportation planning entities to identify |
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projects suitable for funding under this section. |
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(e) The department may contract with local governments or |
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private entities for the construction of selected projects, |
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including construction through pass-through toll agreements under |
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Section 222.104, or may construct projects itself. |
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(f) Revenue from projects financed under this section must |
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be deposited to the credit of the economically driven mobility |
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project subaccount. The department may contract with local |
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governments or directly with private entities, including property |
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owners, who will benefit from a selected project to recover amounts |
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sufficient to cover the cost of the project and any associated debt |
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service for the project. Revenue may include: |
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(1) tax increment recovered from a transportation |
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reinvestment zone; and |
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(2) other revenue derived from the increase of value |
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attributable to a project financed under this section. |
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SECTION 3. The Texas Department of Transportation shall |
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establish the process and criteria for the selection of |
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economically driven mobility projects as required by Section |
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222.078, Transportation Code, as added by this Act, not later than |
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September 1, 2014. |
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SECTION 4. This Act takes effect September 1, 2013. |