Bill Text: TX HB709 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the use of private activity bonds to finance high-speed rail service.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2019-04-16 - Left pending in subcommittee [HB709 Detail]
Download: Texas-2019-HB709-Introduced.html
86R5440 JTS-F | ||
By: Wray | H.B. No. 709 |
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relating to the use of private activity bonds to finance high-speed | ||
rail service. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 1372, Government Code, is | ||
amended by adding Section 1372.007 to read as follows: | ||
Sec. 1372.007. PROHIBITED USE OF BONDS: HIGH-SPEED RAIL. | ||
Notwithstanding any other provision of this chapter, private | ||
activity bonds may not be issued to finance, wholly or partly, the | ||
construction of facilities for or the operation of high-speed rail | ||
service between two municipalities in this state that is capable of | ||
operating at speeds greater than 100 miles per hour. | ||
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, 2019. |