Bill Text: TX HB3850 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
86R12364 SLB-D | ||
By: Deshotel | H.B. No. 3850 |
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relating to the funding of certain ship channel improvements. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 56.001(1), Transportation Code, is | ||
amended to read as follows: | ||
(1) "Board [ |
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Development Board [ |
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SECTION 2. Sections 56.002(a), (b), and (c), Transportation | ||
Code, are amended to read as follows: | ||
(a) The ship channel improvement revolving fund is an | ||
account in the general revenue fund. The fund is administered by | ||
the board [ |
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(b) The following money shall be credited to the fund: | ||
(1) money the board [ |
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grant, or donation for a purpose of this chapter; | ||
(2) money appropriated to the board [ |
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the purposes of this chapter; | ||
(3) money received by the board [ |
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repayment of a loan made by the program established under Section | ||
56.003; and | ||
(4) interest earned on deposits and investments of the | ||
fund. | ||
(c) Money in the fund may be appropriated only to the board | ||
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program established under Section 56.003. | ||
SECTION 3. Sections 56.003(a) and (b), Transportation Code, | ||
are amended to read as follows: | ||
(a) The board [ |
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revolving loan program to use money from the fund to finance | ||
qualified projects for navigation districts. | ||
(b) To be a qualified project, a project must: | ||
(1) deepen or widen a ship channel; | ||
(2) be authorized by the United States Congress | ||
through the Water Resources Development Act; and | ||
(3) meet any other standards provided by board | ||
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SECTION 4. This Act takes effect September 1, 2019. |