Bill Text: TX SB762 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the powers of certain regional transportation authorities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-04-28 - Meeting cancelled [SB762 Detail]
Download: Texas-2021-SB762-Introduced.html
| 87R7500 SRA-F | ||
| By: Powell | S.B. No. 762 | |
|
|
||
|
|
||
| relating to the powers of certain regional transportation | ||
| authorities. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Sections 452.108(c) and (d), Transportation | ||
| Code, are amended to read as follows: | ||
| (c) Except as provided by Subsection (d), an authority | ||
| consisting of one subregion governed by a subregional board created | ||
| under Subchapter N or O may not enter a lease or financing agreement | ||
| secured wholly or partially by the assets of the authority if the | ||
| duration of the lease or financing agreement is longer than five | ||
| years unless the lease or agreement is approved by the voters of the | ||
| authority in the manner provided for the issuance of bonds and notes | ||
| under Subchapter H. | ||
| (d) To provide tax benefits to another party that are | ||
| available with respect to property under the laws of a foreign | ||
| country or to encourage private investment with a transportation | ||
| authority in the United States, and notwithstanding any other | ||
| provision of this chapter, an authority consisting of one subregion | ||
| governed by a subregional board created under Subchapter N or O may | ||
| enter into and execute, as it considers appropriate, contracts, | ||
| agreements, notes, security agreements, conveyances, bills of | ||
| sale, deeds, leases as lessee or lessor, and currency hedges, swap | ||
| transactions, or agreements relating to foreign and domestic | ||
| currency. The agreements or instruments may have the terms, | ||
| maturities, duration, provisions as to governing law, indemnities, | ||
| and other provisions that are approved by the subregional board. In | ||
| connection with any transaction authorized by this subsection, the | ||
| authority may deposit in trust, escrow, or similar arrangement cash | ||
| or lawful investments securities, or may enter into one or more | ||
| payment agreements, financial guarantees, or insurance contracts | ||
| with counterparties having either a corporate credit or debt rating | ||
| in any form, a claims-paying ability, or a rating for financial | ||
| strength of "AA" or better by Moody's Investors Service, Inc. or by | ||
| Standard & Poor's Corporation or of "A (Class XII)" or better by | ||
| Best's rating system, that by their terms, including interest to be | ||
| earned on the cash or securities, or payment obligations, are | ||
| sufficient in amount to pay when due all amounts required to be paid | ||
| by the authority as rent over the full term of the transaction plus | ||
| any optional purchase price or other obligation due under the | ||
| transaction. | ||
| SECTION 2. 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, 2021. | ||
