Bill Text: TX HB122 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: Relating to the Texas Mobility Fund.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2015-06-10 - Effective immediately [HB122 Detail]
Download: Texas-2015-HB122-Enrolled.html
H.B. No. 122 |
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relating to the Texas Mobility Fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sections 201.943(a) and (l), Transportation | ||
Code, are amended to read as follows: | ||
(a) Subject to Subsections (e), (f), [ |
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commission by order or resolution may issue obligations in the name | ||
and on behalf of the state and the department and may enter into | ||
credit agreements related to the obligations. The obligations may | ||
be issued in multiple series and issues from time to time in an | ||
aggregate amount not exceeding the maximum obligation amount. The | ||
obligations may be issued on and may have the terms and provisions | ||
the commission determines appropriate and in the interests of the | ||
state. The obligations may be issued as long-term obligations, | ||
short-term obligations, or both. The latest scheduled maturity of | ||
an issue or series of obligations may not exceed 30 years. | ||
(l) Except as otherwise provided by this subsection, | ||
obligations [ |
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Section 49-k, Article III, Texas Constitution, after January 1, | ||
2015 [ |
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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. | ||
SECTION 2. Section 201.946(d), Transportation Code, is | ||
amended to read as follows: | ||
(d) To the extent money is on deposit in the fund in amounts | ||
that are in excess of the money required by the proceedings | ||
authorizing the obligations and credit agreements to be retained on | ||
deposit, the commission may use the money for any purpose for which | ||
obligations may be issued under this subchapter, other than for | ||
toll roads. | ||
SECTION 3. 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, 2015. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 122 was passed by the House on April | ||
9, 2015, by the following vote: Yeas 128, Nays 0, 2 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 122 was passed by the Senate on May | ||
19, 2015, by the following vote: Yeas 30, Nays 1. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |