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A BILL TO BE ENTITLED
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AN ACT
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relating to the withdrawal of a unit of election from certain |
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metropolitan rapid transit authorities and the net financial |
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obligation of that withdrawal. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 451.603(c), Transportation Code, is |
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amended to read as follows: |
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(c) An election to withdraw may not be held [ordered, and a |
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petition for an election to withdraw may not be accepted for filing, |
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on or] before the second [fifth] anniversary of the first day of the |
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calendar month in which a [after the date of a] previous election to |
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withdraw [in] the unit of election [to withdraw] from the authority |
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was held. |
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SECTION 2. Section 451.611, Transportation Code, is amended |
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by amending Subsection (a) and adding Subsections (c-1) and (e) to |
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read as follows: |
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(a) Except as provided by Subsection (c-1), the [The] net |
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financial obligation of a withdrawn unit of election to the |
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authority is an amount equal to: |
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(1) the gross financial obligations of the unit, which |
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is the sum of: |
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(A) the unit's apportioned share of the |
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authority's outstanding obligations; and |
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(B) the amount, not computed in Subdivision |
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(1)(A), that is necessary and appropriate to allocate to the unit |
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because of financial obligations of the authority that specifically |
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relate to the unit; minus |
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(2) the unit's apportioned share of the unencumbered |
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assets of the authority that consist of cash, cash deposits, |
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certificates of deposit, and bonds, stocks, and other negotiable |
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securities. |
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(c-1) This subsection applies only to a withdrawn unit of |
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election that has a total number of inhabitants equal to two percent |
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or less of the total number of inhabitants of the authority, |
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including the number of inhabitants of the unit. The net financial |
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obligation of a withdrawn unit of election to which this subsection |
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applies is the fair market value of the authority's property that |
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will remain in the unit after the unit's withdrawal. |
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(e) An authority shall annually make a good faith estimate |
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of each unit of election's net financial obligation and shall |
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report that estimate to the unit of election not later than July 1 |
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of each year. |
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SECTION 3. 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, 2025. |