86R24130 JAM-D
 
  By: Israel H.B. No. 899
 
  Substitute the following for H.B. No. 899:
 
  By:  Martinez C.S.H.B. No. 899
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
 
  relating to bonds issued by certain metropolitan rapid transit
  authorities.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 451.362, Transportation Code, is amended
  by amending Subsection (a) and adding Subsection (e) to read as
  follows:
         (a)  Notwithstanding other provisions of this chapter and
  except as provided by Subsections (c), [and] (d), and (e), the
  board, by order or resolution, may issue bonds that are secured by
  revenue or taxes of the authority if the bonds:
               (1)  have a term of not more than 12 months; and
               (2)  are payable only from revenue or taxes received on
  or after the date of their issuance and before the end of the fiscal
  year following the fiscal year in which the bonds are issued.
         (e)  In an authority confirmed before July 1, 1985, in which
  the principal municipality has a population of less than one
  million, bonds may have a term of not more than 10 years.  The bonds
  are payable only from taxes or revenue received on or after the date
  the bonds are issued.
         SECTION 2.  This Act takes effect September 1, 2019.