Bill Text: TX HB2181 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to option contracts to acquire real property for high-speed rail projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-21 - Referred to Transportation [HB2181 Detail]
Download: Texas-2017-HB2181-Introduced.html
85R9489 BEE-D | ||
By: Cook | H.B. No. 2181 |
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relating to option contracts to acquire real property for | ||
high-speed rail projects. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 112, Transportation Code, | ||
is amended by adding Section 112.063 to read as follows: | ||
Sec. 112.063. REAL PROPERTY OPTION CONTRACTS FOR HIGH-SPEED | ||
RAIL VOID ON BANKRUPTCY. (a) In this section, "high-speed rail" | ||
means intercity passenger service that is reasonably expected to | ||
reach speeds of at least 110 miles per hour. | ||
(b) On the filing of a bankruptcy petition by or against a | ||
railroad company, an option contract held by the company to acquire | ||
real property for a high-speed rail project is void. | ||
SECTION 2. Section 112.063, Transportation Code, as added | ||
by this Act, applies only to an option contract entered into on or | ||
after the effective date of this Act. | ||
SECTION 3. This Act takes effect September 1, 2017. |