Bill Text: TX HB2043 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the Texas Mobility Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-03-07 - Referred to Appropriations [HB2043 Detail]
Download: Texas-2013-HB2043-Introduced.html
83R10040 MTB-D | ||
By: Pickett | H.B. No. 2043 |
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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) Obligations may not be issued under this section or | ||
Section 49-k, Article III, Texas Constitution, after January 1, | ||
2013 [ |
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SECTION 2. Section 201.946, Transportation Code, is amended | ||
by amending Subsection (d) and adding Subsection (d-1) 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: | ||
(1) to repay the principal of and interest on | ||
obligations issued under other provisions of law, including: | ||
(A) notes issued and loans obtained as authorized | ||
by Section 49-m, Article III, Texas Constitution; | ||
(B) bonds and other public securities issued, and | ||
bond enhancement agreements entered into, as authorized by Section | ||
49-n, Article III, Texas Constitution, as proposed by H.J.R. 28, | ||
78th Legislature, Regular Session, 2003; and | ||
(C) general obligation bonds issued and related | ||
credit agreements entered into, as authorized by Section 49-p, | ||
Article III, Texas Constitution; or | ||
(2) for any purpose for which obligations may be | ||
issued under this subchapter. | ||
(d-1) The commission may use money in the fund for a purpose | ||
described by Subsection (d) only to the extent that the proceeds of | ||
those obligations are used for purposes described by Section | ||
201.943(d). | ||
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, 2013. |