| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the issuance of obligations to fund certain Interstate |
|
|
Highway 35 projects. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 201.943, Transportation Code, is amended |
|
|
by amending Subsection (l) and adding Subsection (m) to read as |
|
|
follows: |
|
|
(l) Except as otherwise provided by this subsection and |
|
|
Subsection (m), obligations may not be issued under this section or |
|
|
Section 49-k, Article III, Texas Constitution, after January 1, |
|
|
2015. The commission may issue obligations to refund: |
|
|
(1) outstanding obligations to provide savings to the |
|
|
state; and |
|
|
(2) outstanding variable rate obligations and may |
|
|
renew or replace credit agreements relating to the variable rate |
|
|
obligations. |
|
|
(m) Obligations may be issued under this section in an |
|
|
aggregate principal amount of $1.5 billion to fund projects on |
|
|
Interstate Highway 35 between State Highway 45 North and State |
|
|
Highway 45 Southeast. Any managed lane included in a project |
|
|
described by this subsection must provide free use of the lane to a |
|
|
public transit motor bus of a mass transit entity operating under |
|
|
Subtitle K if the managed lane is on a portion of the project that is |
|
|
funded with proceeds of obligations described by this subsection. |
|
|
SECTION 2. Section 222.003, Transportation Code, is amended |
|
|
by amending Subsection (b) and adding Subsections (b-1) and (b-2) |
|
|
to read as follows: |
|
|
(b) Except as provided by Subsection (b-1), the [The] |
|
|
aggregate principal amount of the bonds and other public securities |
|
|
that are issued may not exceed $6 billion. |
|
|
(b-1) In addition to the amount authorized under Subsection |
|
|
(b), the commission may issue bonds and other public securities in |
|
|
an aggregate principal amount of $3 billion to fund projects on |
|
|
Interstate Highway 35 between State Highway 45 North and State |
|
|
Highway 45 Southeast. |
|
|
(b-2) The commission may only issue bonds or other public |
|
|
securities in an aggregate principal amount of not more than $1.5 |
|
|
billion each year. |
|
|
SECTION 3. This Act takes effect September 1, 2019. |