Bill Text: TX HB2181 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to option contracts to acquire real property for high-speed rail projects.
Sponsorship: Partisan Bill (Republican 1)
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. | ||
