Bill Text: TX HB899 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to bonds issued by certain metropolitan rapid transit authorities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-04-29 - Committee report sent to Calendars [HB899 Detail]
Download: Texas-2019-HB899-Comm_Sub.html
86R24130 JAM-D | |||
By: Israel | H.B. No. 899 | ||
Substitute the following for H.B. No. 899: | |||
By: Martinez | C.S.H.B. No. 899 |
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relating to bonds issued by certain metropolitan rapid transit | ||
authorities. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 451.362, Transportation Code, is amended | ||
by amending Subsection (a) and adding Subsection (e) to read as | ||
follows: | ||
(a) Notwithstanding other provisions of this chapter and | ||
except as provided by Subsections (c), [ |
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board, by order or resolution, may issue bonds that are secured by | ||
revenue or taxes of the authority if the bonds: | ||
(1) have a term of not more than 12 months; and | ||
(2) are payable only from revenue or taxes received on | ||
or after the date of their issuance and before the end of the fiscal | ||
year following the fiscal year in which the bonds are issued. | ||
(e) In an authority confirmed before July 1, 1985, in which | ||
the principal municipality has a population of less than one | ||
million, bonds may have a term of not more than 10 years. The bonds | ||
are payable only from taxes or revenue received on or after the date | ||
the bonds are issued. | ||
SECTION 2. This Act takes effect September 1, 2019. |