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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation of a port capital project revolving loan |
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program by the Texas Department of Transportation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 55, Transportation Code, is amended by |
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adding Section 55.010 to read as follows: |
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Sec. 55.010. PORT CAPITAL PROJECT REVOLVING LOAN PROGRAM. |
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(a) The department shall establish a revolving loan program to |
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provide loans to port authorities and navigation districts for port |
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security projects, transportation projects, and other projects |
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eligible for funding under Section 55.002(c). The department by |
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rule shall, after consideration of the committee's |
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recommendations, develop policies and procedures to administer the |
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loan program from funds appropriated to the department for that |
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purpose. |
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(b) The department shall enter into a written agreement with |
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a port authority or navigation district that receives a loan under |
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the program that contains the terms of the loan, including loan |
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repayment requirements. |
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SECTION 2. This Act takes effect September 1, 2017. |