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A BILL TO BE ENTITLED
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AN ACT
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relating to the cessation of tolls by toll project entities in |
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certain circumstances. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 228.012(a) and (b), Transportation |
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Code, are amended to read as follows: |
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(a) The department shall create a separate account in the |
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state highway fund to hold payments received by the department |
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under a comprehensive development agreement [and the surplus |
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revenue of a toll project or system]. The department shall create |
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subaccounts in the account for each project, system, or |
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region. Interest earned on money in a subaccount shall be |
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deposited to the credit of that subaccount. |
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(b) The department shall hold money in a subaccount in trust |
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for the benefit of the region in which a project or system is |
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located and may assign the responsibility for allocating money in a |
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subaccount to a metropolitan planning organization in which the |
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region is located for projects approved by the department. At the |
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time the project is approved by the department money shall be |
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allocated and distributed to projects authorized by Section |
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228.0055 [or Section 228.006, as applicable]. |
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SECTION 2. Section 228.053(f), Transportation Code, is |
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amended to read as follows: |
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(f) The revenue and disbursements for each toll project or |
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system shall be kept separately. The revenue from one project may |
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not be used to pay the cost of another project except as authorized |
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by Section [Sections] 228.0055 [and 228.006]. |
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SECTION 3. Section 228.104(a), Transportation Code, is |
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amended to read as follows: |
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(a) The principal of, interest on, and any redemption |
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premium on bonds issued by the commission under this subchapter are |
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payable solely from: |
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(1) the revenue of the toll project or system for which |
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the bonds are issued, including tolls pledged to pay the bonds; |
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(2) the proceeds of bonds issued for the project or |
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system; |
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(3) the amounts deposited in a debt service reserve |
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fund as required by the trust agreement securing bonds issued for |
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the project or system; |
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(4) amounts received under a credit agreement relating |
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to the project or system for which the bonds are issued; and |
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(5) [surplus revenue of another project or system as |
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authorized by Section 228.006; and |
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[(6)] amounts received by the department: |
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(A) as pass-through tolls under Section 222.104; |
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(B) under an agreement with a local governmental |
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entity entered into under Section 228.254; |
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(C) under other agreements with a local |
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governmental entity relating to the project or system for which the |
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bonds are issued; and |
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(D) under a comprehensive development agreement |
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entered into under Section 223.201. |
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SECTION 4. Section 228.105, Transportation Code, is amended |
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to read as follows: |
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Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL |
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REVENUE BONDS. Notwithstanding any other provisions of this |
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subchapter, toll revenue bonds issued by the commission may: |
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(1) be payable from and secured by: |
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(A) payments made under an agreement with a local |
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governmental entity as provided by Section 228.254; |
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(B) the proceeds of bonds issued for the toll |
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project or system; or |
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(C) amounts deposited in a debt service reserve |
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fund as required by the trust agreement securing bonds issued for |
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the project or system; [or |
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[(D) surplus revenue of another toll project or |
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system as authorized by Section 228.006;] and |
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(2) state on their faces any pledge of revenue or taxes |
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and any security for the bonds under the agreement. |
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SECTION 5. Section 366.113(a), Transportation Code, is |
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amended to read as follows: |
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(a) The principal of, interest on, and any redemption |
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premium on bonds issued by an authority are payable solely from: |
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(1) the revenue of the turnpike project or system for |
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which the bonds are issued, including tolls pledged to pay the |
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bonds; |
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(2) payments made under an agreement with the |
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commission or a local governmental entity as provided by Subchapter |
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G; |
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(3) money derived from any other source available to |
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the authority, other than money derived from a turnpike project |
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that is not part of the same system or money derived from a |
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different system[, except to the extent that the surplus revenue of |
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a turnpike project or system has been pledged for that purpose]; |
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and |
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(4) amounts received under a credit agreement relating |
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to the turnpike project or system for which the bonds are issued. |
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SECTION 6. Section 370.113(a), Transportation Code, is |
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amended to read as follows: |
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(a) The principal of, interest on, and any redemption |
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premium on bonds issued by an authority are payable solely from: |
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(1) the revenue of the transportation project for |
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which the bonds are issued; |
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(2) payments made under an agreement with the |
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commission, the department, or other governmental entity as |
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authorized by this chapter; |
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(3) money derived from any other source available to |
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the authority, other than money derived from a transportation |
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project that is not part of the same system or money derived from a |
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different system, except to the extent that the surplus revenue of a |
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transportation project or system, other than a turnpike project, |
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has been pledged for that purpose; |
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(4) amounts received under a credit agreement relating |
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to the transportation project for which the bonds are issued; and |
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(5) the proceeds of the sale of other bonds. |
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SECTION 7. Section 372.054(b), Transportation Code, as |
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added by Chapter 744 (H.B. 803), Acts of the 86th Legislature, |
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Regular Session, 2019, is amended to read as follows: |
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(b) Not later than the 180th day after the last day of a toll |
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project entity's fiscal year, the entity shall publish on the |
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entity's Internet website a report on the entity's financial data, |
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including: |
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(1) the final maturity of all bonds issued by the |
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entity for a toll project or system; |
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(2) toll revenue for each toll project for the |
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previous fiscal year; |
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(3) an accounting of total revenue collected and |
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expenses incurred by the entity for the previous fiscal year, such |
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as debt service, maintenance and operation costs, and any other |
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miscellaneous expenses[, and any surplus revenue]; and |
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(4) a capital improvement plan with proposed or |
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expected capital expenditures over a period determined by the |
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entity. |
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SECTION 8. Subchapter B, Chapter 372, Transportation Code, |
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is amended by adding Section 372.059 to read as follows: |
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Sec. 372.059. CESSATION OF TOLLS. (a) A toll project |
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becomes a part of the state highway system and the commission shall |
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maintain the project without tolls when the costs of acquisition |
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and construction of the project have been paid and: |
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(1) all of the bonds and interest on the bonds that are |
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payable from or secured by revenues of the project have been paid by |
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the issuer of the bonds or another person with the consent or |
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approval of the issuer; or |
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(2) a sufficient amount for the payment of all bonds |
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and interest on the bonds to maturity has been set aside by the |
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issuer of the bonds or another person with the consent or approval |
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of the issuer in a trust fund held for the benefit of the |
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bondholders. |
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(b) A toll project entity may not amend a financing or other |
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agreement in a manner that would extend the date by which a toll |
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project would become part of the state highway system under |
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Subsection (a). |
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SECTION 9. Section 373.003, Transportation Code, is amended |
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to read as follows: |
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Sec. 373.003. PROJECT OWNED IN PERPETUITY. Unless a toll |
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project is leased, sold, conveyed, or otherwise transferred to |
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another governmental entity in accordance with applicable law, |
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including Sections 228.151, 284.011, 366.036, 366.172, [and] |
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370.171, and 372.059, a toll project procured by the department or a |
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local toll project entity determined by the process under |
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Subchapter B is owned by that entity in perpetuity. |
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SECTION 10. The following provisions of the Transportation |
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Code are repealed: |
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(1) Section 228.006; |
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(2) Section 228.109(d); |
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(3) Sections 284.008(c) and (d); |
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(4) Section 366.003(9-a); |
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(5) Section 366.037; |
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(6) Section 366.071; |
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(7) Section 366.072(b); and |
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(8) Section 366.175. |
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SECTION 11. This Act takes effect immediately if it |
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receives a vote of two-thirds of all the members elected to each |
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house, as provided by Section 39, Article III, Texas Constitution. |
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If this Act does not receive the vote necessary for immediate |
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effect, this Act takes effect September 1, 2021. |