Bill Text: TX SB365 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to bonds issued by certain metropolitan rapid transit authorities.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2019-03-20 - Not again placed on intent calendar [SB365 Detail]
Download: Texas-2019-SB365-Comm_Sub.html
| By: Watson | S.B. No. 365 | |
| (In the Senate - Filed January 16, 2019; February 7, 2019, | ||
| read first time and referred to Committee on Transportation; | ||
| March 13, 2019, reported favorably by the following vote: Yeas 9, | ||
| Nays 0; March 13, 2019, sent to printer.) | ||
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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 15 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. | ||
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