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A BILL TO BE ENTITLED
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AN ACT
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relating to a pilot project for financing certain Texas Department |
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of Transportation projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter F, Chapter 223, Transportation Code, |
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is amended by adding Section 223.251 to read as follows: |
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Sec. 223.251. DEPARTMENT PILOT FINANCING PROJECT USING |
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ECONOMIC IMPACT ZONE. (a) The department may select one nontolled |
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highway project under a design-build contract to be financed, |
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including through the issuance of bonds, wholly or partly using |
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revenue from: |
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(1) transportation reinvestment zones under |
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Subchapter E, Chapter 222; and |
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(2) an economic impact zone under Subsection (b). |
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(b) The department may establish an economic impact zone for |
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an area that extends not more than one mile on either side of the |
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centerline of the project. If a zone is created: |
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(1) the department shall notify the comptroller of the |
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establishment of the zone not later than the 30th day after the date |
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the zone is established; and |
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(2) the comptroller shall: |
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(A) at the beginning of each calendar year, |
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estimate the projected annual increase in state sales tax revenue |
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in the zone during the calendar year over the amount of state sales |
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tax revenue in the zone during the calendar year in which the zone |
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was established; |
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(B) monthly deposit into a separate account |
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outside the treasury, without the necessity of an appropriation, |
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one-twelfth of the amount of the estimated projected annual |
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increase calculated under Paragraph (A); and |
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(C) at the end of each calendar year: |
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(i) transfer from the account to the |
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department for the purpose of financing the project, an amount |
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necessary to pay the costs of the project as described by Subsection |
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(d), not to exceed the actual increase in state sales tax revenue in |
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the zone during the calendar year over the amount of the state sales |
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tax revenue in the zone during the calendar year in which the zone |
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was established; and |
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(ii) transfer to the general revenue fund |
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any amounts remaining in the account after the transfer. |
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(c) The department may require that the municipalities in |
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which the project is located assume responsibility for project |
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costs for rights-of-way and utility relocation. |
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(d) Revenue described by Subsection (b) may be used only |
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for: |
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(1) development and construction of the project; |
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(2) payment of debt incurred for the project; and |
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(3) maintenance of the project. |
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(e) Financing agreements for a project financed under this |
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section must contain provisions to allow the early retirement of |
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debt using money from an economic impact zone under Subsection (b) |
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or money appropriated by the legislature. |
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(f) The maturity date of any bonds issued for the project |
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may not be extended after the bonds are issued, including through |
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the use of refunding bonds or other refinancing agreements, unless |
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the extension of the maturity date will decrease the total amount of |
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interest to be paid until maturity. |
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SECTION 2. This Act takes effect August 31, 2017. |