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A BILL TO BE ENTITLED
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AN ACT
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relating to a transportation revolving fund for certain |
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metropolitan planning organizations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 472, Transportation code, |
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is amended by adding Section 472,036 to read as follows: |
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Sec.472.036.Transportation Revolving Fund. |
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(a) A metropolitan planning organization with a planning |
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jurisdiction of at least five counties, the largest of which has |
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authorized a regional mobility authority under Chapter 370 of this |
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code, may establish a revolving fund held in a banking institution |
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selected by the metropolitan planning organization. |
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(b) A revolving fund may be funded with state and federal |
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transportation money, local contributions, or other revenue of the |
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metropolitan planning organization. |
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(c) Money in the revolving fund may be loaned or granted to |
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cities, counties, the State of Texas, regional mobility |
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authorities, rail districts, or metropolitan transit authorities, |
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within the planning jurisdiction of the metropolitan planning |
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organization to pay expenses of planning, developing, acquiring |
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right of way, constructing, implementing, and maintaining |
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transportation projects approved by the metropolitan planning |
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organization. |
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(i) Money borrowed or granted under this section must |
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be segregated from other funds under the control of the authorized |
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public entity and may only be used for purposes authorized by the |
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metropolitan planning organization. |
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(d) Prior to establishing a revolving fund, the |
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metropolitan planning organization shall do the following: |
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(i) Ensure there are sufficient funds to carry out its |
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other required state and federal regional planning functions; |
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(ii) Allocate sufficient funds to hire financial and |
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other expertise to operate the revolving fund; and |
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(iii) Adopt guidelines to evaluate applications for |
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loans and grants pursuant to this section. |
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(e) A revolving fund created pursuant to this section shall |
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be held in a depository selected by the metropolitan planning |
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organization using the provisions of chapter 116, Texas Local |
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Government Code or invested pursuant to the Public Funds Investment |
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Act. |
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(f) The board of directors of the metropolitan planning |
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organization may direct the with drawl of any funds deposited in the |
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revolving fund that are not immediately required to pay obligations |
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of the revolving fund unless such and investment or with drawl is |
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prohibited by law or the with drawl is contrary to the terms of the |
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depository contract. |
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(i) The funds may be invested in accordance with |
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Subchapter A, Chapter 2256, Government Code. In addition to the |
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obligations, certificates, and agreements described by that Act, |
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the funds may be invested in certificates of deposit issued by a |
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state or federal savings and loan association domiciled in this |
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state, the payment of which is insured in full by the Federal |
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Savings and Loan Insurance Corporation or its successor. |
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(ii) If a metropolitan planning organization |
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purchases a security repurchase agreement, the agreement must be |
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purchased under a master contractual agreement that specifies the |
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rights and obligations of both parties and that requires that |
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securities involved in the transaction be held in a safekeeping |
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account subject to the control and custody of the metropolitan |
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planning organization. |
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Section 2. This Act takes effect September 1, 2013. |