Bill Text: TX SB1073 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the issuance of obligations to fund certain Interstate Highway 35 projects.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-07 - Referred to Transportation [SB1073 Detail]
Download: Texas-2019-SB1073-Introduced.html
86R5999 JRR-D | ||
By: Watson | S.B. No. 1073 |
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relating to the issuance of obligations to fund certain Interstate | ||
Highway 35 projects. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 201.943, Transportation Code, is amended | ||
by amending Subsection (l) and adding Subsection (m) to read as | ||
follows: | ||
(l) Except as otherwise provided by this subsection and | ||
Subsection (m), obligations may not be issued under this section or | ||
Section 49-k, Article III, Texas Constitution, after January 1, | ||
2015. The commission may issue obligations to refund: | ||
(1) outstanding obligations to provide savings to the | ||
state; and | ||
(2) outstanding variable rate obligations and may | ||
renew or replace credit agreements relating to the variable rate | ||
obligations. | ||
(m) Obligations may be issued under this section in an | ||
aggregate principal amount of $1.5 billion to fund projects on | ||
Interstate Highway 35 between State Highway 45 North and State | ||
Highway 45 Southeast. Any managed lane included in a project | ||
described by this subsection must provide free use of the lane to a | ||
public transit motor bus of a mass transit entity operating under | ||
Subtitle K if the managed lane is on a portion of the project that is | ||
funded with proceeds of obligations described by this subsection. | ||
SECTION 2. Section 222.003, Transportation Code, is amended | ||
by amending Subsection (b) and adding Subsections (b-1) and (b-2) | ||
to read as follows: | ||
(b) Except as provided by Subsection (b-1), the [ |
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aggregate principal amount of the bonds and other public securities | ||
that are issued may not exceed $6 billion. | ||
(b-1) In addition to the amount authorized under Subsection | ||
(b), the commission may issue bonds and other public securities in | ||
an aggregate principal amount of $3 billion to fund projects on | ||
Interstate Highway 35 between State Highway 45 North and State | ||
Highway 45 Southeast. | ||
(b-2) The commission may only issue bonds or other public | ||
securities in an aggregate principal amount of not more than $1.5 | ||
billion each year. | ||
SECTION 3. This Act takes effect September 1, 2019. |