Bill Text: TX SB1794 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to a transportation revolving fund for certain metropolitan planning organizations.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-04-17 - Left pending in committee [SB1794 Detail]
Download: Texas-2013-SB1794-Introduced.html
By: Watson | S.B. No. 1794 | |
|
||
|
||
relating to a transportation revolving fund for certain | ||
metropolitan planning organizations. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter D, Chapter 472, Transportation code, | ||
is amended by adding Section 472,036 to read as follows: | ||
Sec.472.036.Transportation Revolving Fund. | ||
(a) A metropolitan planning organization with a planning | ||
jurisdiction of at least five counties, the largest of which has | ||
authorized a regional mobility authority under Chapter 370 of this | ||
code, may establish a revolving fund held in a banking institution | ||
selected by the metropolitan planning organization. | ||
(b) A revolving fund may be funded with state and federal | ||
transportation money, local contributions, or other revenue of the | ||
metropolitan planning organization. | ||
(c) Money in the revolving fund may be loaned or granted to | ||
cities, counties, the State of Texas, regional mobility | ||
authorities, rail districts, or metropolitan transit authorities, | ||
within the planning jurisdiction of the metropolitan planning | ||
organization to pay expenses of planning, developing, acquiring | ||
right of way, constructing, implementing, and maintaining | ||
transportation projects approved by the metropolitan planning | ||
organization. | ||
(i) Money borrowed or granted under this section must | ||
be segregated from other funds under the control of the authorized | ||
public entity and may only be used for purposes authorized by the | ||
metropolitan planning organization. | ||
(d) Prior to establishing a revolving fund, the | ||
metropolitan planning organization shall do the following: | ||
(i) Ensure there are sufficient funds to carry out its | ||
other required state and federal regional planning functions; | ||
(ii) Allocate sufficient funds to hire financial and | ||
other expertise to operate the revolving fund; and | ||
(iii) Adopt guidelines to evaluate applications for | ||
loans and grants pursuant to this section. | ||
(e) A revolving fund created pursuant to this section shall | ||
be held in a depository selected by the metropolitan planning | ||
organization using the provisions of chapter 116, Texas Local | ||
Government Code or invested pursuant to the Public Funds Investment | ||
Act. | ||
(f) The board of directors of the metropolitan planning | ||
organization may direct the with drawl of any funds deposited in the | ||
revolving fund that are not immediately required to pay obligations | ||
of the revolving fund unless such and investment or with drawl is | ||
prohibited by law or the with drawl is contrary to the terms of the | ||
depository contract. | ||
(i) The funds may be invested in accordance with | ||
Subchapter A, Chapter 2256, Government Code. In addition to the | ||
obligations, certificates, and agreements described by that Act, | ||
the funds may be invested in certificates of deposit issued by a | ||
state or federal savings and loan association domiciled in this | ||
state, the payment of which is insured in full by the Federal | ||
Savings and Loan Insurance Corporation or its successor. | ||
(ii) If a metropolitan planning organization | ||
purchases a security repurchase agreement, the agreement must be | ||
purchased under a master contractual agreement that specifies the | ||
rights and obligations of both parties and that requires that | ||
securities involved in the transaction be held in a safekeeping | ||
account subject to the control and custody of the metropolitan | ||
planning organization. | ||
Section 2. This Act takes effect September 1, 2013. |