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A BILL TO BE ENTITLED
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AN ACT
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relating to comprehensive development agreements of the Texas |
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Department of Transportation or a regional mobility authority. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 223.201(a), (b), (f), (g), (i), (j), |
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(k), and (l), Transportation Code, are amended to read as follows: |
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(a) Subject to Section 223.202, the department may enter |
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into a comprehensive development agreement with a private entity to |
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design, develop, finance, construct, maintain, repair, operate, |
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extend, or expand a: |
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(1) toll project; |
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(2) state highway improvement project that includes |
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both tolled and nontolled lanes and may include nontolled |
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appurtenant facilities; |
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(3) state highway improvement project in which the |
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private entity has an interest in the project; [or] |
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(4) state highway improvement project financed wholly |
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or partly with the proceeds of private activity bonds, as defined by |
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Section 141(a), Internal Revenue Code of 1986; or |
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(5) nontolled state highway improvement project |
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authorized by the legislature. |
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(b) In this subchapter, "comprehensive development |
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agreement" means an agreement that, at a minimum, provides for the |
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design and construction, reconstruction, rehabilitation, |
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expansion, or improvement of a project described in Subsection (a) |
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and may also provide for the financing, acquisition, maintenance, |
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or operation of a project described in Subsection (a). |
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(f) The department may enter into a comprehensive |
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development agreement only for all or part of: |
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(1) the State Highway 99 (Grand Parkway) project; |
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(2) the Interstate Highway 35E managed lanes project |
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in Dallas and Denton Counties from Interstate Highway 635 to U.S. |
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Highway 380; |
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(3) the Interstate Highway 35W project in Tarrant |
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County from Interstate Highway 30 to State Highway 114 [North
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Tarrant Express project in Tarrant and Dallas Counties, including:
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[(A)
on State Highway 183 from State Highway 121
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to State Highway 161 (Segment 2E);
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[(B)
on Interstate Highway 35W from Interstate
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Highway 30 to State Highway 114 (Segments 3A, 3B, and 3C); and
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[(C)
on Interstate Highway 820 from State Highway
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183 North to south of Randol Mill Road (Segment 4)]; |
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(4) the State Highway 183 managed lanes project in |
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Tarrant and Dallas Counties [County] from State Highway 121 [161] |
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to Interstate Highway 35E; |
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(5) the Interstate Highway 35/U.S. Highway 67 Southern |
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Gateway project in Dallas County, including: |
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(A) Interstate Highway 35E from 8th Street to |
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Interstate Highway 20; and |
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(B) U.S. Highway 67 from Interstate Highway 35E |
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to Farm-to-Market Road 1382 (Belt Line Road) [State Highway 249
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project in Harris and Montgomery Counties from Spring Cypress Road
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to Farm-to-Market Road 1774]; |
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(6) the State Highway 288 project from U.S. Highway 59 |
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to south of State Highway 6 in Brazoria County and Harris County; |
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[and] |
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(7) the U.S. Highway 290 [Hempstead] managed lanes |
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project in Harris County from Interstate Highway 610 to State |
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Highway 99; |
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(8) the Interstate Highway 820 project from State |
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Highway 183 to Randol Mill Road; |
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(9) the State Highway 114 project in Dallas County |
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from State Highway 121 to State Highway 183; |
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(10) the Loop 12 project in Dallas County from State |
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Highway 183 to Interstate Highway 35E; |
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(11) the Interstate Highway 35E project in Dallas |
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County from State Highway 183 to the Dallas North Tollway; |
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(12) the Loop 9 project in Dallas and Ellis Counties |
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from Interstate Highway 20 to U.S. Highway 67; and |
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(13) the U.S. Highway 181 Harbor Bridge project in |
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Nueces County between U.S. Highway 181 at Beach Avenue and |
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Interstate Highway 37. |
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(g) The department may combine in a comprehensive |
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development agreement under this subchapter: |
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(1) a toll project and a rail facility as defined by |
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Section 91.001; or |
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(2) two or more projects described by Subsection (f). |
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(i) The authority to enter into a comprehensive development |
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agreement expires: |
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(1) August 31, 2017, for a project described by |
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Subsection (f), other than the State Highway 99 (Grand Parkway) |
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project and the State Highway 183 managed lanes project; and |
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(2) [expires] August 31, 2015, for the State Highway |
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183 managed lanes project. |
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(j) Before the department may enter into a comprehensive |
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development agreement under Subsection (f), the department must: |
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(1) for a project other than the State Highway 99 |
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(Grand Parkway) project, obtain, not later than August 31, 2017 |
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[2013], the appropriate environmental clearance: |
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(A) for the project; or |
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(B) for the initial or base scope of the project |
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if the project agreement provides for the phased construction of |
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the project [for any project other than the State Highway 99 (Grand
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Parkway) project]; and |
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(2) present to the commission a full financial plan |
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for the project, including costing methodology and cost proposals. |
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(k) Not later than December 1, 2014 [2012], the department |
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shall provide [present] a report to the commission on the status of |
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a project described by Subsection (f). The report must include: |
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(1) the status of the project's environmental |
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clearance; |
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(2) an explanation of any project delays; and |
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(3) if the procurement is not completed, the |
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anticipated date for the completion of the procurement. |
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(1) In this section, "environmental clearance" means: |
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(1) a finding of no significant impact has been issued |
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for the project or, as applicable, for the initial or base scope of |
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the project; or |
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(2) for a project for which an environmental impact |
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statement is prepared, a record of decision has been issued for that |
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project or, as applicable, for the initial or base scope of the |
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project. |
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SECTION 2. Sections 223.2011(a), (c), (e), and (f), |
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Transportation Code, are amended to read as follows: |
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(a) Notwithstanding Sections 223.201(f) and 370.305(c), the |
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department or an authority under Section 370.003 may enter into a |
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comprehensive development agreement relating to improvements to, |
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or construction of all or part of: |
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(1) the Loop 1 (MoPac Improvement) project from |
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Farm-to-Market Road 734 to Cesar Chavez Street; |
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(2) the U.S. 183 (Bergstrom Expressway) project from |
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Springdale Road to Patton Avenue; [or] |
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(3) a project consisting of the construction of: |
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(A) the Outer Parkway Project in Cameron County |
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from U.S. Highway 77/83 to Farm-to-Market Road 1847; and |
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(B) the South Padre Island Second Access Causeway |
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Project from State Highway 100 to Park Road 100; |
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(4) the Loop 49 project from Interstate 20 to U.S. |
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Highway 69 (Lindale Relief Route) and from State Highway 110 to U.S. |
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Highway 259 (Segments 6 and 7). |
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(c) Not later than December 1, 2014 [2012], the department |
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or the authority, as applicable, shall provide [present] a report |
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to the commission on the status of a project described by Subsection |
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(a). The report must include: |
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(1) the status of the project's environmental |
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clearance; |
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(2) an explanation of any project delays; and |
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(3) if the procurement is not completed, the |
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anticipated date for the completion of the procurement. |
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(e) In this section, "environmental clearance" means: |
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(1) a finding of no significant impact has been issued |
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for the project or, as applicable, for the initial or base scope of |
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the project; or |
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(2) for a project for which an environmental impact |
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statement is prepared, a record of decision has been issued for that |
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project or, as applicable, for the initial or base scope of the |
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project. |
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(f) The authority to enter into a comprehensive development |
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agreement under this section expires August 31, 2017 [2015]. |
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SECTION 3. Section 371.101, Transportation Code, is amended |
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to read as follows: |
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Sec. 371.101. TERMINATION FOR CONVENIENCE. (a) A |
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comprehensive development agreement under which a private |
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participant receives the right to operate and collect revenue from |
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a toll project must contain a provision authorizing the toll |
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project entity to terminate the agreement for convenience and to |
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purchase, under terms agreed to by the parties: |
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(1) the interest of the private participant in the |
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comprehensive development agreement; and |
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(2) related property, including any interest in a |
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highway or other facility designed, developed, financed, |
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constructed, operated, or maintained under the agreement. |
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(b) A comprehensive development agreement described by |
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Subsection (a) must include a price breakdown stating a specific |
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price for the purchase of the private participant's interest at |
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specified intervals from the date the toll project opens, of not |
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less than two years and not more than five years, over the term of |
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the agreement. |
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(c) The provision must authorize the toll project entity to |
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terminate the comprehensive development agreement and to purchase |
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the private participant's interest at any time during a specified |
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interval at the lesser of: |
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(1) the price stated for that interval; or |
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(2) the greater of: |
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(A) the then fair market value of the private |
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participant's interest, plus or minus any other amounts specified |
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in the comprehensive development agreement; or |
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(B) an amount equal to the amount of outstanding |
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debt specified in the comprehensive development agreement, plus or |
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minus any other amounts specified in the comprehensive development |
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agreement. |
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(d) A toll project entity shall include in a request for |
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proposals for an agreement described by Subsection (a) a request |
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for the proposed price breakdown described by Subsection (b) and |
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shall assign points and score each proposer's price breakdown in |
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the evaluation of proposals. |
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(e) If a project requires expansion or reconstruction in a |
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manner that differs from the manner provided in the original |
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project scope or schedule, the price for terminating the |
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comprehensive development agreement may be adjusted to reflect the |
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changes in the agreement. |
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(f) Subsections (b), (c), and (d) do not apply to a project |
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for which a request for proposals was issued before January 1, 2013. |
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(g) A private entity shall, not later than 12 months before |
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the date that a new price interval takes effect, notify the toll |
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project entity of the beginning of the price interval. The toll |
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project entity must notify the private entity as to whether it will |
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exercise the option to purchase under this section not later than |
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six months after the date it receives notice under this subsection. |
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(h) A toll project entity must notify the private entity of |
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the toll project entity's intention to purchase the private |
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entity's interest under this section not less than six months |
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before the date of the purchase. [A toll project entity having
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rulemaking authority by rule and a toll project entity without
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rulemaking authority by official action shall develop a formula for
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making termination payments to terminate a comprehensive
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development agreement under which a private participant receives
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the right to operate and collect revenue from a toll project.
A
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formula must calculate an estimated amount of loss to the private
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participant as a result of the termination for convenience.
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[(b)
The formula shall be based on investments,
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expenditures, and the internal rate of return on equity under the
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agreed base case financial model as projected over the original
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term of the agreement, plus an agreed percentage markup on that
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amount.
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[(c)
A formula under Subsection (b) may not include any
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estimate of future revenue from the project, if not included in an
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agreed base case financial model under Subsection (b).
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Compensation to the private participant upon termination for
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convenience may not exceed the amount determined using the formula
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under Subsection (b).] |
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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, 2013. |