H.B. No. 3850
 
 
 
 
AN ACT
  relating to the funding of certain ship channel improvements;
  authorizing the Texas Transportation Commission to issue revenue
  bonds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 56.002(b), Transportation Code, is
  amended to read as follows:
         (b)  The following money shall be credited to the fund:
               (1)  money the commission receives as a gift, grant, or
  donation for a purpose of this chapter;
               (2)  money appropriated to the commission for the
  purposes of this chapter;
               (3)  money received by the commission for the repayment
  of a loan made by the program established under Section 56.003;
  [and]
               (4)  proceeds of bonds issued under Section 56.004; and
               (5)  interest earned on deposits and investments of the
  fund.
         SECTION 2.  Section 56.003(a), Transportation Code, is
  amended to read as follows:
         (a)  The commission by rule shall establish a revolving loan
  program to use money from the fund to enhance the financing
  capabilities of entities responsible for the local share of
  qualified project costs by providing revenue or security for:
               (1)  low-interest loans;
               (2)  longer repayment terms for loans; and
               (3)  flexible loan repayment terms, including:
                     (A)  loan structures similar to a line of credit;
  and
                     (B)  authorized prepayment of loans in advance of
  the loan's stated maturity date [finance qualified projects for
  navigation districts].
         SECTION 3.  Chapter 56, Transportation Code, is amended by
  adding Section 56.004 to read as follows:
         Sec. 56.004.  REVENUE BONDS.  The commission may issue
  revenue bonds for the purpose of providing money for the fund. Bond
  proceeds shall be deposited in the fund.
         SECTION 4.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2019.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 3850 was passed by the House on May 9,
  2019, by the following vote:  Yeas 129, Nays 14, 3 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 3850 was passed by the Senate on May
  22, 2019, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor