Bill Text: TX HB2325 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the cessation of tolls by toll project entities in certain circumstances.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-09 - Referred to Transportation [HB2325 Detail]
Download: Texas-2023-HB2325-Introduced.html
88R8142 JAM-D | ||
By: Shaheen | H.B. No. 2325 |
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relating to the cessation of tolls by toll project entities in | ||
certain circumstances. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sections 228.012(a) and (b), Transportation | ||
Code, are amended to read as follows: | ||
(a) The department shall create a separate account in the | ||
state highway fund to hold payments received by the department | ||
under a comprehensive development agreement [ |
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subaccounts in the account for each project, system, or | ||
region. Interest earned on money in a subaccount shall be | ||
deposited to the credit of that subaccount. | ||
(b) The department shall hold money in a subaccount in trust | ||
for the benefit of the region in which a project or system is | ||
located and may assign the responsibility for allocating money in a | ||
subaccount to a metropolitan planning organization in which the | ||
region is located for projects approved by the department. At the | ||
time the project is approved by the department money shall be | ||
allocated and distributed to projects authorized by Section | ||
228.0055 [ |
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SECTION 2. Section 228.053(f), Transportation Code, is | ||
amended to read as follows: | ||
(f) The revenue and disbursements for each toll project or | ||
system shall be kept separately. The revenue from one project may | ||
not be used to pay the cost of another project except as authorized | ||
by Section [ |
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SECTION 3. Section 228.104(a), Transportation Code, is | ||
amended to read as follows: | ||
(a) The principal of, interest on, and any redemption | ||
premium on bonds issued by the commission under this subchapter are | ||
payable solely from: | ||
(1) the revenue of the toll project or system for which | ||
the bonds are issued, including tolls pledged to pay the bonds; | ||
(2) the proceeds of bonds issued for the project or | ||
system; | ||
(3) the amounts deposited in a debt service reserve | ||
fund as required by the trust agreement securing bonds issued for | ||
the project or system; | ||
(4) amounts received under a credit agreement relating | ||
to the project or system for which the bonds are issued; and | ||
(5) [ |
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(A) as pass-through tolls under Section 222.104; | ||
(B) under an agreement with a local governmental | ||
entity entered into under Section 228.254; | ||
(C) under other agreements with a local | ||
governmental entity relating to the project or system for which the | ||
bonds are issued; and | ||
(D) under a comprehensive development agreement | ||
entered into under Section 223.201. | ||
SECTION 4. Section 228.105, Transportation Code, is amended | ||
to read as follows: | ||
Sec. 228.105. SOURCES OF PAYMENT OF AND SECURITY FOR TOLL | ||
REVENUE BONDS. Notwithstanding any other provisions of this | ||
subchapter, toll revenue bonds issued by the commission may: | ||
(1) be payable from and secured by: | ||
(A) payments made under an agreement with a local | ||
governmental entity as provided by Section 228.254; | ||
(B) the proceeds of bonds issued for the toll | ||
project or system; or | ||
(C) amounts deposited in a debt service reserve | ||
fund as required by the trust agreement securing bonds issued for | ||
the project or system; [ |
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(2) state on their faces any pledge of revenue or taxes | ||
and any security for the bonds under the agreement. | ||
SECTION 5. Section 366.113(a), Transportation Code, is | ||
amended to read as follows: | ||
(a) The principal of, interest on, and any redemption | ||
premium on bonds issued by an authority are payable solely from: | ||
(1) the revenue of the turnpike project or system for | ||
which the bonds are issued, including tolls pledged to pay the | ||
bonds; | ||
(2) payments made under an agreement with the | ||
commission or a local governmental entity as provided by Subchapter | ||
G; | ||
(3) money derived from any other source available to | ||
the authority, other than money derived from a turnpike project | ||
that is not part of the same system or money derived from a | ||
different system[ |
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and | ||
(4) amounts received under a credit agreement relating | ||
to the turnpike project or system for which the bonds are issued. | ||
SECTION 6. Section 370.113(a), Transportation Code, is | ||
amended to read as follows: | ||
(a) The principal of, interest on, and any redemption | ||
premium on bonds issued by an authority are payable solely from: | ||
(1) the revenue of the transportation project for | ||
which the bonds are issued; | ||
(2) payments made under an agreement with the | ||
commission, the department, or other governmental entity as | ||
authorized by this chapter; | ||
(3) money derived from any other source available to | ||
the authority, other than money derived from a transportation | ||
project that is not part of the same system or money derived from a | ||
different system, except to the extent that the surplus revenue of a | ||
transportation project or system, other than a turnpike project, | ||
has been pledged for that purpose; | ||
(4) amounts received under a credit agreement relating | ||
to the transportation project for which the bonds are issued; and | ||
(5) the proceeds of the sale of other bonds. | ||
SECTION 7. Section 372.0535(b), Transportation Code, is | ||
amended to read as follows: | ||
(b) Not later than the 180th day after the last day of a toll | ||
project entity's fiscal year, the entity shall publish on the | ||
entity's Internet website a report on the entity's financial data, | ||
including: | ||
(1) the final maturity of all bonds issued by the | ||
entity for a toll project or system; | ||
(2) toll revenue for each toll project for the | ||
previous fiscal year; | ||
(3) an accounting of total revenue collected and | ||
expenses incurred by the entity for the previous fiscal year, such | ||
as debt service, maintenance and operation costs, and any other | ||
miscellaneous expenses[ |
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(4) a capital improvement plan with proposed or | ||
expected capital expenditures over a period determined by the | ||
entity. | ||
SECTION 8. Subchapter B, Chapter 372, Transportation Code, | ||
is amended by adding Section 372.059 to read as follows: | ||
Sec. 372.059. CESSATION OF TOLLS. (a) A toll project shall | ||
be maintained without tolls in the manner provided by Subsection | ||
(c) when the costs of acquisition and construction of the project | ||
have been paid and: | ||
(1) all of the bonds and interest on the bonds that are | ||
payable from or secured by revenues of the project have been paid by | ||
the issuer of the bonds or another person with the consent or | ||
approval of the issuer; or | ||
(2) a sufficient amount for the payment of all bonds | ||
and interest on the bonds to maturity has been set aside by the | ||
issuer of the bonds or another person with the consent or approval | ||
of the issuer in a trust fund held for the benefit of the | ||
bondholders. | ||
(b) A toll project entity may not amend a financing or other | ||
agreement in a manner that would extend the date by which a toll | ||
project must be maintained without tolls under Subsection (a). | ||
(c) Beginning on the date on which a toll project must be | ||
maintained without tolls under Subsection (a), the toll project: | ||
(1) becomes part of the state highway system and must | ||
be maintained by the commission if: | ||
(A) the Legislative Budget Board determines that | ||
the state has available resources necessary to operate and maintain | ||
the project; and | ||
(B) the project is not transferred to a county | ||
under Subdivision (2); | ||
(2) becomes part of the road system of a county in | ||
which the project is located and must be maintained by that county | ||
if: | ||
(A) the county requests from the Legislative | ||
Budget Board approval to operate and maintain the project; and | ||
(B) the Legislative Budget Board approves the | ||
request made under Paragraph (A); or | ||
(3) shall be maintained without tolls by the entity | ||
operating the project if the project does not become part of the | ||
state highway system under Subdivision (1) or a county road system | ||
under Subdivision (2). | ||
SECTION 9. The following provisions of the Transportation | ||
Code are repealed: | ||
(1) Section 228.006; | ||
(2) Section 228.109(d); | ||
(3) Sections 284.008(c) and (d); | ||
(4) Section 366.003(9-a); | ||
(5) Section 366.037; | ||
(6) Section 366.071; | ||
(7) Section 366.072(b); and | ||
(8) Section 366.175. | ||
SECTION 10. Not later than September 1, 2024, the Texas | ||
Department of Transportation, in consultation with the Legislative | ||
Budget Board, shall conduct a study and produce a report regarding | ||
the costs associated with the cessation of the collection of tolls | ||
on highways in this state in the manner provided by Section 372.059, | ||
Transportation Code, as added by this Act. The study and report | ||
must identify: | ||
(1) all toll roads in this state; | ||
(2) the projected date by which each of those toll | ||
roads will be required to be maintained without tolls under Section | ||
372.059, Transportation Code, as added by this Act; and | ||
(3) the projected maintenance and operation costs | ||
associated with adding each of those roads to the state highway | ||
system. | ||
SECTION 11. 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, 2023. |