|
|
AN ACT
|
|
|
relating to the issuance of commercial paper notes by certain |
|
|
regional transportation authorities. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 452.352, Transportation Code, is amended |
|
|
by amending Subsection (d) and adding Subsection (e) to read as |
|
|
follows: |
|
|
(d) Subsection (b) does not apply to: |
|
|
(1) refunding bonds; [or] |
|
|
(2) bonds described by Subsection (a)(2); or |
|
|
(3) commercial paper notes having maturities of 270 |
|
|
days or less that are authorized to be issued and reissued from time |
|
|
to time under a commercial paper program in a maximum principal |
|
|
amount that the chief financial officer certifies, based on |
|
|
reasonable estimates of pledged sales and use tax revenue, can be |
|
|
repaid in full within five years after the date of authorization of |
|
|
the commercial paper program, taking into consideration any other |
|
|
bonds or notes having a prior or parity lien on the pledged revenue, |
|
|
regardless of the final date of the commercial paper program. |
|
|
(e) A commercial paper program described by Subsection |
|
|
(d)(3) may not be continued beyond five years unless, before |
|
|
issuing any note with a maturity exceeding five years from the date |
|
|
of the initial authorization of the program or five years from the |
|
|
date of any new certification, the chief financial officer provides |
|
|
a new certification that the maximum principal amount of the |
|
|
program, based on reasonable estimates of pledged sales and use tax |
|
|
revenue, can be repaid in full within five years after the date of |
|
|
the most recent new certification, taking into consideration any |
|
|
other bonds or notes having a prior or parity lien on the pledged |
|
|
revenue. |
|
|
SECTION 2. This Act takes effect September 1, 2007. |
|
|
|
|
|
|
|
|
|
|
|
____________________________________________________________ |
|
|
President of the Senate Speaker of the House |
|
|
I hereby certify that S.B. No. 1375 passed the Senate on |
|
|
April 12, 2007, by the following vote: Yeas 31, Nays 0. |
|
|
|
|
|
|
|
|
|
|
|
______________________________ |
|
|
Secretary of the Senate |
|
|
I hereby certify that S.B. No. 1375 passed the House on |
|
|
April 27, 2007, by the following vote: Yeas 133, Nays 0, two |
|
|
present not voting. |
|
|
|
|
|
|
|
|
|
|
|
______________________________ |
|
|
Chief Clerk of the House |
|
|
|
|
|
|
|
|
Approved: |
|
|
|
|
|
______________________________ |
|
|
______________________________ |
|
|
Date |
|
|
|
|
|
|
|
|
______________________________ |
|
|
______________________________ |
|
|
Governor |