By: Callegari	H.B. No. 3363

	A BILL TO BE ENTITLED
	AN ACT
	relating to the issuance of general obligation bonds by the Texas
	Transportation Commission to fund state highways, publicly owned
	toll roads, and other publicly owned transportation projects.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.   Subchapter A, Chapter 222, Transportation Code,
	is amended by adding Section 222.007 to read as follows:
	Sec. 222.007.  CENTURY BONDS.  (a) In this section:
	(1)  "Bonds" means bonds, notes, and other public
	securities.
	(2)  "Credit agreement" has the meaning assigned by
	Section 1371.001, Government Code.
	(3)  "Transportation project" means the construction
	or provision of a tolled or nontolled project, the primary purpose
	of which is to preserve or facilitate the movement of people or
	goods by any mode of transportation. The term includes buildings,
	structures, parking areas, appurtenances, rights-of-way, rolling
	stock, and other property needed for the project, but does not
	include a project that is primarily for recreational purposes such
	as a hiking trail or off-road vehicle trail.
	(b)  The commission by order or resolution may issue general
	obligation bonds for the purposes provided in this section. The
	aggregate principal amount of the bonds that are issued may not
	exceed the amount specified by Section 49-q(a), Article III, Texas
	Constitution.
	(c)  The commission may enter into credit agreements
	relating to the bonds. A credit agreement entered into under this
	section may be secured by and payable from the same sources as the
	bonds.
	(d)  The bonds shall be executed in the form, on the terms,
	and in the denominations, bear interest, and be issued in
	installments as prescribed by the commission, and must mature not
	later than 100 years after their dates of issuance, subject to any
	refundings or renewals. The bonds may be issued in multiple series
	and issues from time to time and may have the provisions the
	commission determines appropriate and in the interest of the state.
	(e)  The commission has all powers necessary or appropriate
	to carry out this section and to implement Section 49-q, Article
	III, Texas Constitution, including the powers granted to other
	bond-issuing governmental agencies and units and to nonprofit
	corporations by Chapters 1201, 1207, and 1371, Government Code.
	(f)  The bonds and the record of proceedings authorizing the
	bonds and any related credit agreements shall be submitted to the
	attorney general for approval as to their legality. If the attorney
	general finds that they will be issued in accordance with this
	section and other applicable law, the attorney general shall
	approve them and deliver them to the comptroller for registration.
	After approval by the attorney general, registration by the
	comptroller, and payment by the purchasers of the bonds in
	accordance with the terms of sale and after execution and delivery
	of the related credit agreements, the bonds and related credit
	agreements are incontestable for any cause.
	(g)  Bonds may be issued for one or more of the following
	purposes:
	(1)  to pay all or part of the costs of constructing,
	reconstructing, acquiring, and expanding state highways, including
	any necessary design and acquisition of rights-of-way;
	(2)  to provide participation by the state in the
	payment of part of the costs of constructing and providing publicly
	owned toll roads and other publicly owned transportation projects;
	and
	(3)  to pay:
	(A)  the costs of administering projects
	authorized under this section;
	(B)  the cost or expense of the issuance of the
	bonds;
	(C)  refunding bonds and related credit
	agreements authorized by this section; or
	(D)  all or part of a payment owed or to be owed
	under a credit agreement.
	(h)  The comptroller shall pay the principal of the bonds as
	they mature and the interest as it becomes payable and shall pay any
	cost related to the bonds that becomes due, including payments
	under credit agreements.
	SECTION 2.  This Act takes effect on the date on which the
	constitutional amendment proposed by the 83rd Legislature, Regular
	Session, 2013, providing for the issuance of general obligation
	bonds by the Texas Transportation Commission in an amount not to
	exceed $3 billion to provide funding for state highways, publicly
	owned toll roads, and other publicly owned transportation projects,
	takes effect. If that amendment is not approved by the voters, this
	Act has no effect.