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A BILL TO BE ENTITLED
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AN ACT
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relating to private activity bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 1372, Government Code is |
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amended by adding Section 1372.007 as follows: |
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Sec. 1372.007. PROHIBITED USE OF BONDS. Notwithstanding |
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any other provision of this chapter, no bonds may be issued to |
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finance, in whole or in part, the construction or operation of an |
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electric railway as defined by Section 131.011 Transportation Code |
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or high speed rail as defined by Section 111.103(a) Transportation |
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Code, that is capable of operating at speeds greater than 100 miles |
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per hour, between two municipalities in this state. |
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SECTION 2. 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. |