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A BILL TO BE ENTITLED
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AN ACT
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relating to the funding of multimodal transportation projects; |
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authorizing the issuance of revenue bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter H, Chapter 201, Transportation Code, |
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is amended by adding Section 201.6085 to read as follows: |
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Sec. 201.6085. MULTIMODAL PROJECTS. (a) In this section, |
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"fund" means the multimodal project revolving fund. |
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(b) The multimodal project revolving fund is an account in |
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the general revenue fund. The fund is administered by the |
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commission. |
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(c) 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 section; |
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(2) money appropriated to the commission for the |
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purposes of this section; |
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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 Subsection (f); |
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(4) proceeds of bonds issued under Subsection (g); and |
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(5) interest earned on deposits and investments of the |
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fund. |
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(d) Money in the fund may be appropriated only to the |
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commission for the purposes of administering the fund and the |
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program established under Subsection (f). |
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(e) The financial transactions of the fund are subject to |
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audit by the state auditor. |
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(f) The commission by rule shall establish a revolving loan |
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program to use money from the fund to provide loans for qualified |
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projects to local governmental entities, including municipalities, |
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counties, port authorities, and special districts. To be a |
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qualified project, a project must enhance connectivity between |
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marine ports, airports, inland ports, and the state highway system |
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and may include projects that deepen or widen a ship channel. |
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(g) The commission may issue revenue bonds for the purpose |
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of providing money for the fund. Bonds issued under this subsection |
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may be issued for terms of 50 or 100 years. The aggregate principal |
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amount of the bonds issued under this subsection that are |
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outstanding at any time may not exceed 25 percent of the amount of |
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money in the fund. Bond proceeds shall be deposited in the fund. |
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SECTION 2. This Act takes effect September 1, 2023. |