Bill Text: TX HB3850 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to the funding of certain ship channel improvements; authorizing the Texas Transportation Commission to issue revenue bonds.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2019-06-14 - Effective immediately [HB3850 Detail]
Download: Texas-2019-HB3850-Enrolled.html
H.B. No. 3850 |
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relating to the funding of certain ship channel improvements; | ||
authorizing the Texas Transportation Commission to issue revenue | ||
bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 56.002(b), Transportation Code, is | ||
amended to read as follows: | ||
(b) The following money shall be credited to the fund: | ||
(1) money the commission receives as a gift, grant, or | ||
donation for a purpose of this chapter; | ||
(2) money appropriated to the commission for the | ||
purposes of this chapter; | ||
(3) money received by the commission for the repayment | ||
of a loan made by the program established under Section 56.003; | ||
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(4) proceeds of bonds issued under Section 56.004; and | ||
(5) interest earned on deposits and investments of the | ||
fund. | ||
SECTION 2. Section 56.003(a), Transportation Code, is | ||
amended to read as follows: | ||
(a) The commission by rule shall establish a revolving loan | ||
program to use money from the fund to enhance the financing | ||
capabilities of entities responsible for the local share of | ||
qualified project costs by providing revenue or security for: | ||
(1) low-interest loans; | ||
(2) longer repayment terms for loans; and | ||
(3) flexible loan repayment terms, including: | ||
(A) loan structures similar to a line of credit; | ||
and | ||
(B) authorized prepayment of loans in advance of | ||
the loan's stated maturity date [ |
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SECTION 3. Chapter 56, Transportation Code, is amended by | ||
adding Section 56.004 to read as follows: | ||
Sec. 56.004. REVENUE BONDS. The commission may issue | ||
revenue bonds for the purpose of providing money for the fund. Bond | ||
proceeds shall be deposited in the fund. | ||
SECTION 4. 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, 2019. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 3850 was passed by the House on May 9, | ||
2019, by the following vote: Yeas 129, Nays 14, 3 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 3850 was passed by the Senate on May | ||
22, 2019, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |