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A BILL TO BE ENTITLED
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AN ACT
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relating to bonds issued by certain metropolitan rapid transit |
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authorities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 451.362, Transportation Code, is amended |
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by amending Subsection (a) and adding Subsection (e) to read as |
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follows: |
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(a) Notwithstanding other provisions of this chapter and |
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except as provided by Subsections (c), [and] (d), and (e), the |
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board, by order or resolution, may issue bonds that are secured by |
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revenue or taxes of the authority if the bonds: |
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(1) have a term of not more than 12 months; and |
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(2) are payable only from revenue or taxes received on |
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or after the date of their issuance and before the end of the fiscal |
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year following the fiscal year in which the bonds are issued. |
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(e) In an authority confirmed before July 1, 1985, in which |
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the principal municipality has a population of less than one |
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million, bonds may have a term of not more than 15 years. The bonds |
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are payable only from taxes or revenue received on or after the date |
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the bonds are issued. |
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SECTION 2. This Act takes effect September 1, 2019. |