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
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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.
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