87R7500 SRA-F
  By: Romero, Jr. H.B. No. 2203
  relating to the powers of certain regional transportation
         SECTION 1.  Sections 452.108(c) and (d), Transportation
  Code, are amended to read as follows:
         (c)  Except as provided by Subsection (d), an authority
  consisting of one subregion governed by a subregional board created
  under Subchapter N or O may not enter a lease or financing agreement
  secured wholly or partially by the assets of the authority if the
  duration of the lease or financing agreement is longer than five
  years unless the lease or agreement is approved by the voters of the
  authority in the manner provided for the issuance of bonds and notes
  under Subchapter H.
         (d)  To provide tax benefits to another party that are
  available with respect to property under the laws of a foreign
  country or to encourage private investment with a transportation
  authority in the United States, and notwithstanding any other
  provision of this chapter, an authority consisting of one subregion
  governed by a subregional board created under Subchapter N or O may
  enter into and execute, as it considers appropriate, contracts,
  agreements, notes, security agreements, conveyances, bills of
  sale, deeds, leases as lessee or lessor, and currency hedges, swap
  transactions, or agreements relating to foreign and domestic
  currency. The agreements or instruments may have the terms,
  maturities, duration, provisions as to governing law, indemnities,
  and other provisions that are approved by the subregional board. In
  connection with any transaction authorized by this subsection, the
  authority may deposit in trust, escrow, or similar arrangement cash
  or lawful investments securities, or may enter into one or more
  payment agreements, financial guarantees, or insurance contracts
  with counterparties having either a corporate credit or debt rating
  in any form, a claims-paying ability, or a rating for financial
  strength of "AA" or better by Moody's Investors Service, Inc. or by
  Standard & Poor's Corporation or of "A (Class XII)" or better by
  Best's rating system, that by their terms, including interest to be
  earned on the cash or securities, or payment obligations, are
  sufficient in amount to pay when due all amounts required to be paid
  by the authority as rent over the full term of the transaction plus
  any optional purchase price or other obligation due under the
         SECTION 2.  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, 2021.