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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of private activity bonds to finance high-speed |
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rail service. |
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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 to read as follows: |
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Sec. 1372.007. PROHIBITED USE OF BONDS: HIGH-SPEED RAIL. |
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Notwithstanding any other provision of this chapter, private |
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activity bonds may not be issued to finance, wholly or partly, the |
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construction of facilities for or the operation of high-speed rail |
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service between two municipalities in this state that is capable of |
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operating at speeds greater than 100 miles per hour. |
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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, 2019. |