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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of obligations payable from and secured by |
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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. 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. |