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