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.
Sponsorship: Partisan Bill (Republican 2)
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. | ||
