Bill Text: TX HB803 | 2019-2020 | 86th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to financial reporting requirements of a toll project entity.
Spectrum: Moderate Partisan Bill (Republican 31-7)
Status: (Passed) 2019-06-10 - Effective on 9/1/19 [HB803 Detail]
Download: Texas-2019-HB803-Comm_Sub.html
Bill Title: Relating to financial reporting requirements of a toll project entity.
Spectrum: Moderate Partisan Bill (Republican 31-7)
Status: (Passed) 2019-06-10 - Effective on 9/1/19 [HB803 Detail]
Download: Texas-2019-HB803-Comm_Sub.html
86R18564 AAF-D | |||
By: Patterson, Canales, Thierry, Toth, | H.B. No. 803 | ||
Krause | |||
Substitute the following for H.B. No. 803: | |||
By: Landgraf | C.S.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. |