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A BILL TO BE ENTITLED
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AN ACT
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relating to financial reporting requirements of a toll project |
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entity. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 372, Transportation Code, |
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is amended by adding Section 372.054 to read as follows: |
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Sec. 372.054. FINANCIAL REPORTING REQUIREMENTS. (a) In |
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this section, "system" includes a system established under Section |
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228.010, 366.034, or 370.034. |
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(b) Not later than the 180th day after the last day of a toll |
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project entity's fiscal year, the entity shall publish on the |
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entity's Internet website a report on the entity's financial data, |
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including: |
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(1) the final maturity of all bonds issued by the |
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entity for a toll project or system; |
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(2) toll revenue for each toll project for the |
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previous fiscal year; |
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(3) an accounting of total revenue collected and |
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expenses incurred by the entity for the previous fiscal year, such |
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as debt service, maintenance and operation costs, any other |
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miscellaneous expenses, and any surplus revenue; and |
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(4) a capital improvement plan with proposed or |
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expected capital expenditures over a period determined by the |
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entity. |
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(c) In addition to the reporting requirements under |
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Subsection (b), a toll project entity may report any money |
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deposited by the entity in a debt service reserve fund as required |
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by a bondholder agreement. |
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(d) A toll project entity may publish on the entity's |
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Internet website graphs or tables from the entity's certified |
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audited financial report or annual continuing disclosure report to |
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comply with the reporting requirements under Subsection (b). |
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(e) A toll project entity shall prominently display on the |
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entity's Internet website a link to the report under Subsection |
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(b). The report must be posted separately from the entity's |
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certified audited financial report. |
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(f) Notwithstanding Subsection (b), for a toll project that |
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is the subject of a comprehensive development agreement entered |
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into by a toll project entity, the entity is only required to |
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publish on the entity's Internet website the name and cost of the |
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toll project and the termination date of the agreement. |
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SECTION 2. This Act takes effect September 1, 2019. |