Bill Text: TX HB2219 | 2021-2022 | 87th Legislature | Enrolled
Bill Title: Relating to the issuance of Texas Mobility Fund obligations.
Spectrum: Bipartisan Bill
Status: (Passed) 2021-06-18 - Effective immediately [HB2219 Detail]
Download: Texas-2021-HB2219-Enrolled.html
H.B. No. 2219 |
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relating to the issuance of Texas Mobility Fund obligations. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 201.943, Transportation Code, is amended | ||
by amending Subsections (a), (d), and (l) and adding Subsection (m) | ||
to read as follows: | ||
(a) Subject to Subsections (e), (f), (g), [ |
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(m), the 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. | ||
(d) Obligations may be issued for one or more of the | ||
following purposes: | ||
(1) to pay all or part of the costs of constructing, | ||
reconstructing, acquiring, and expanding state highways, including | ||
any necessary design and acquisition of rights-of-way, in the | ||
manner and locations determined by the commission that, according | ||
to conclusive findings of the commission, have an expected useful | ||
life, without material repair, of not less than 10 years; | ||
(2) to provide participation by the state in the | ||
payment of part of the costs of constructing and providing | ||
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projects that are determined by the commission to be in the best | ||
interests of the state in its major goal of improving the mobility | ||
of the residents of the state; | ||
(3) to create debt service reserve accounts; | ||
(4) to pay interest on obligations for a period of not | ||
longer than two years; | ||
(5) to refund or cancel outstanding obligations; and | ||
(6) to pay the commission's costs of issuance. | ||
(l) Except as otherwise provided by this subsection, | ||
obligations may not be issued under this section or Section 49-k, | ||
Article III, Texas Constitution, on or after January 1, 2027 | ||
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(1) outstanding obligations to provide savings to the | ||
state; and | ||
(2) outstanding variable rate obligations and may | ||
renew or replace credit agreements relating to the variable rate | ||
obligations. | ||
(m) The aggregate principal amount of obligations that may | ||
be issued under this section or Section 49-k, Article III, Texas | ||
Constitution, after May 31, 2021, and before January 1, 2027, other | ||
than obligations described by Subsection (l)(1) or (2), may not | ||
exceed an amount equal to 60 percent of the outstanding principal | ||
amount existing on May 1, 2021, of obligations issued under this | ||
section or Section 49-k, Article III, Texas Constitution. | ||
SECTION 2. 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, 2021. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2219 was passed by the House on May 4, | ||
2021, by the following vote: Yeas 114, Nays 31, 2 present, not | ||
voting; and that the House concurred in Senate amendments to H.B. | ||
No. 2219 on May 28, 2021, by the following vote: Yeas 112, Nays 36, | ||
1 present, not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2219 was passed by the Senate, with | ||
amendments, on May 24, 2021, by the following vote: Yeas 27, Nays | ||
3. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: __________________ | ||
Date | ||
__________________ | ||
Governor |