Bill Text: TX HB2396 | 2011-2012 | 82nd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the pledge of advanced transportation district sales and use taxes to certain bonds.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB2396 Detail]

Download: Texas-2011-HB2396-Introduced.html

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82R5468 JAM-F
By: McClendon H.B. No. 2396

A BILL TO BE ENTITLED
AN ACT
relating to the issuance of bonds by an advanced transportation
district.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 451.352, Transportation Code, is amended
by adding Subsection (d) to read as follows:
(d) An advanced transportation district created under
Subchapter O may issue bonds without holding an election to
authorize that action.
SECTION 2. Section 451.702(f), Transportation Code, is
amended to read as follows:
(f) The district shall use one-half of the proceeds of the
sales and use tax only for advanced transportation purposes as
determined by the governing body of the district. The governing
body of the district may use the proceeds for [Those purposes may
include] a debt service requirement, capitalized interest, reserve
fund requirement, credit agreement as defined by Section 1371.001,
Government Code, administrative cost, or other bond-related cost
incurred by or relating to the issuance of obligations by the
district relating to the purchase, design, construction,
reconstruction, alteration, financing, and maintenance of advanced
transportation facilities, equipment, operations, systems, and
services, including a feasibility study, operation, or
professional or other service in connection with the facilities,
equipment, operations, systems, and services.
SECTION 3. Section 451.707(d), Transportation Code, is
amended to read as follows:
(d) Except as otherwise provided by this subchapter and
Section 451.352(d), the district has the same powers of the
authority that called the election creating the district as
provided by Subchapters B, C, F, H, I, and K.
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, 2011.