Bill Text: TX HB2167 | 2017-2018 | 85th Legislature | Introduced


Bill Title: Relating to state money or credit or a state guarantee used or provided for high-speed rail owned by a private entity.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2017-05-04 - Left pending in committee [HB2167 Detail]

Download: Texas-2017-HB2167-Introduced.html
  85R10643 CLG-D
 
  By: Schubert H.B. No. 2167
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to state money or credit or a state guarantee used or
  provided for high-speed rail owned by a private entity.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 199, Transportation Code, is amended by
  adding Section 199.003 to read as follows:
         Sec. 199.003.  STATE MONEY FOR HIGH-SPEED RAIL; PRIORITY OF
  LIEN.  (a)  For the purposes of this section, "high-speed rail"
  means intercity passenger rail service that is reasonably expected
  to reach speeds that exceed 110 miles per hour.
         (b)  No state money, credit, or guarantee shall be used or
  provided, wholly or partly, for any purpose related to high-speed
  rail owned by a private entity unless, to secure the repayment of
  state money, this state acquires and maintains a lien on or other
  security interest in:
               (1)  property of the private entity acquired with or
  through state money or credit or using a guarantee of this state; or
               (2)  other assets owned by the private entity.
         (c)  Before an entity or official of this state enters into
  an agreement to provide state money or credit or a state guarantee
  under Subsection (b), the comptroller must review and certify the
  agreement to ensure that the lien or other security interest
  described by that subsection is sufficient, in accordance with
  generally accepted accounting standards, to protect this state's
  financial interests.
         (d)  A lien on or other security interest held by this state
  in property or other assets described by Subsection (b) is superior
  and prior to any other lien, claim, or interest of any other person
  on or against the property or other assets of the private entity.
         SECTION 2.  This Act takes effect September 1, 2017.
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