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A BILL TO BE ENTITLED
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AN ACT
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rel |
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ating to the Texas Department of Motor Vehicles fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. On September 1, 2015, the Texas Department of |
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Motor Vehicles fund created by Section 1001.151, Transportation |
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Code, as enacted by Section 71, Chapter 1287 (H.B. 2202), Acts of |
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the 83rd Legislature, Regular Session, 2013, is re-created by this |
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Act as a special fund in the state treasury outside the general |
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revenue fund, and all revenue dedicated for deposit to the credit of |
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the Texas Department of Motor Vehicles fund by a provision of |
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Chapter 1287 (H.B. 2202), Acts of the 83rd Legislature, Regular |
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Session, 2013, is rededicated by this Act for that purpose. |
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SECTION 2. (a) On September 1, 2015, the comptroller shall |
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transfer to the credit of the Texas Department of Motor Vehicles |
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fund, as re-created by this Act, an amount from the state highway |
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fund equal to the total amount of fees collected or received by the |
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Texas Department of Motor Vehicles under Section 502.356, |
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Transportation Code, and former Section 502.1705, Transportation |
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Code, during the period beginning November 1, 2009, and ending |
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August 31, 2013. |
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(b) To the extent that money from the state highway fund |
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transferred to the credit of the Texas Department of Motor Vehicles |
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fund as required by Subsection (a) of this section was, before |
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September 1, 2013, used as collateral or as a source of payment for |
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the repayment of a loan, bond, credit agreement, public security, |
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or other obligation, that amount remains subject to use as |
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collateral or as a source of payment for the obligation. However, |
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an obligation described by this subsection must be paid first from |
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the state highway fund, and the Texas Department of Motor Vehicles |
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fund is subject to payment of the obligation only to the extent the |
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state highway fund is depleted at the time the obligation matures |
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and becomes due. |
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SECTION 3. Except as specified by Section 2 of this Act, of |
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the revenue dedicated for deposit to the credit of the Texas |
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Department of Motor Vehicles fund by a provision of Chapter 1287 |
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(H.B. 2202), Acts of the 83rd Legislature, Regular Session, 2013, |
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the comptroller shall deposit to the credit of that fund only |
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revenue received on or after the effective date of this Act. |
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SECTION 4. This Act takes effect September 1, 2015. |