Bill Text: TX SB1455 | 2021-2022 | 87th Legislature | Introduced

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Bill Title: Relating to the issuance of Texas Mobility Fund obligations.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-03-24 - Referred to Transportation [SB1455 Detail]

Download: Texas-2021-SB1455-Introduced.html

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By: Nichols S.B. No. 1455

A BILL TO BE ENTITLED
AN ACT
relating to the issuance of Texas Mobility Fund obligations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 201.943(a), Transportation Code, is
amended to read as follows:
(a) Subject to Subsections (e), (f), and (g), [and (1),] the
commission by order or resolution may issue obligations in the name
and on behalf of the state and the department and may enter into
credit agreements related to the obligations. The obligations may
be issued in multiple series and issues from time to time in an
aggregate amount not exceeding the maximum obligation amount. The
obligations may be issued on and may have the terms and provisions
the commission determines appropriate and in the interests of the
state. The obligations may be issued as long-term obligations,
short-term obligations, or both. The latest scheduled maturity of
an issue or series of obligations may not exceed 30 years.
SECTION 2. Section 201.943(1), Transportation Code, is
repealed.
SECTION 3. 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, 2021.