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A BILL TO BE ENTITLED
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AN ACT
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relating to option contracts to acquire real property for |
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high-speed rail projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 112, Transportation Code, |
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is amended by adding Section 112.063 to read as follows: |
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Sec. 112.063. REAL PROPERTY OPTION CONTRACTS FOR HIGH-SPEED |
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RAIL VOID ON BANKRUPTCY. (a) In this section, "high-speed rail" |
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means intercity passenger service that is reasonably expected to |
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reach speeds of at least 110 miles per hour. |
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(b) On the filing of a bankruptcy petition by or against a |
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railroad company, an option contract held by the company to acquire |
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real property for a high-speed rail project is void. |
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SECTION 2. Section 112.063, Transportation Code, as added |
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by this Act, applies only to an option contract entered into on or |
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after the effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2017. |