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A BILL TO BE ENTITLED
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AN ACT
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relating to the Texas Mobility Fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 201.943(a) and (l), Transportation |
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Code, are amended to read as follows: |
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(a) Subject to Subsections (e), (f), [and] (g), and (l), the |
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commission by order or resolution may issue obligations in the name |
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and on behalf of the state and the department and may enter into |
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credit agreements related to the obligations. The obligations may |
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be issued in multiple series and issues from time to time in an |
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aggregate amount not exceeding the maximum obligation amount. The |
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obligations may be issued on and may have the terms and provisions |
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the commission determines appropriate and in the interests of the |
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state. The obligations may be issued as long-term obligations, |
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short-term obligations, or both. The latest scheduled maturity of |
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an issue or series of obligations may not exceed 30 years. |
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(l) Obligations may not be issued under this section or |
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Section 49-k, Article III, Texas Constitution, after January 1, |
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2015 [if the commission or the department requires that toll roads
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be included in a regional mobility plan in order for a local
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authority to receive an allocation from the fund]. |
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SECTION 2. Section 201.946(d), Transportation Code, is |
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amended to read as follows: |
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(d) To the extent money is on deposit in the fund in amounts |
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that are in excess of the money required by the proceedings |
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authorizing the obligations and credit agreements to be retained on |
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deposit, the commission may use the money to: |
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(1) pay all or part of the costs of constructing, |
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reconstructing, acquiring, and expanding state highways other than |
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toll roads, including any necessary design and acquisition of |
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rights-of-way, in the manner and locations determined by the |
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commission that, according to conclusive findings of the |
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commission, have an expected useful life, without material repair, |
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of not less than 10 years; |
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(2) create debt service reserve accounts; |
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(3) pay interest on obligations for a period of not |
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longer than two years; and |
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(4) refund or cancel outstanding obligations [for any
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purpose for which obligations may be issued under this subchapter]. |
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SECTION 3. 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, 2015. |