Bill Text: TX HB803 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to financial reporting requirements of a toll project entity.
Sponsorship: Moderate Partisan Bill (Republican 31-7)
Status: (Passed) 2019-06-10 - Effective on 9/1/19 [HB803 Detail]
Download: Texas-2019-HB803-Enrolled.html
| H.B. No. 803 | ||
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| relating to financial reporting requirements of a toll project | ||
| entity. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 372, Transportation Code, | ||
| is amended by adding Section 372.054 to read as follows: | ||
| Sec. 372.054. FINANCIAL REPORTING REQUIREMENTS. (a) In | ||
| this section, "system" includes a system established under Section | ||
| 228.010, 366.034, or 370.034. | ||
| (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, any other | ||
| miscellaneous expenses, and any surplus revenue; and | ||
| (4) a capital improvement plan with proposed or | ||
| expected capital expenditures over a period determined by the | ||
| entity. | ||
| (c) In addition to the reporting requirements under | ||
| Subsection (b), a toll project entity may report any money | ||
| deposited by the entity in a debt service reserve fund as required | ||
| by a bondholder agreement. | ||
| (d) A toll project entity may publish on the entity's | ||
| Internet website graphs or tables from the entity's certified | ||
| audited financial report or annual continuing disclosure report to | ||
| comply with the reporting requirements under Subsection (b). | ||
| (e) A toll project entity shall prominently display on the | ||
| entity's Internet website a link to the report under Subsection | ||
| (b). The report must be posted separately from the entity's | ||
| certified audited financial report. | ||
| (f) Notwithstanding Subsection (b), for a toll project that | ||
| is the subject of a comprehensive development agreement entered | ||
| into by a toll project entity, the entity is only required to | ||
| publish on the entity's Internet website the name and cost of the | ||
| toll project and the termination date of the agreement. | ||
| SECTION 2. This Act takes effect September 1, 2019. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 803 was passed by the House on May 7, | ||
| 2019, by the following vote: Yeas 148, Nays 0, 1 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 803 was passed by the Senate on May | ||
| 22, 2019, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
