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AN ACT
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relating to the administration and powers of a coordinated county |
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transportation authority. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 460.502, Transportation Code, is amended |
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by amending Subsection (d) and adding Subsection (e) to read as |
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follows: |
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(d) A bond any portion of which is secured by a pledge of |
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sales and use tax revenues and that has a maturity of five years or |
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longer from the date of issuance may not be issued by an authority |
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until an election has been held in the municipalities in which the |
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authority has been authorized to impose a sales and use tax and the |
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proposition proposing the issue has been approved by a majority of |
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the votes received on the issue [in accordance with the provisions
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established for the authorization of a tax levy under Subchapter
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C]. |
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(e) Subsection (d) does not apply to the issuance of |
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refunding bonds or bonds described by Subsection (b)(2). |
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SECTION 2. Section 460.506, Transportation Code, is amended |
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to read as follows: |
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Sec. 460.506. SECURITY PLEDGED. To secure the payment of |
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an authority's bonds, the authority may: |
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(1) pledge all or part of revenue realized from any tax |
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that is approved and levied; |
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(2) pledge any part of the revenue of the public |
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transportation system; |
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(3) mortgage any part of the public transportation |
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system regardless of when acquired; or |
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(4) pledge government grants, contractual revenue, or |
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lease revenue. |
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SECTION 3. Subchapter G, Chapter 460, Transportation Code, |
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is amended by adding Section 460.509 to read as follows: |
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Sec. 460.509. OBLIGATIONS AND CREDIT AGREEMENTS. An |
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authority may issue obligations and enter into credit agreements |
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under Chapter 1371, Government Code. |
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SECTION 4. Section 1371.001(4), Government Code, is amended |
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to read as follows: |
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(4) "Issuer" means: |
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(A) a home-rule municipality that: |
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(i) adopted its charter under Section 5, |
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Article XI, Texas Constitution; |
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(ii) has a population of 50,000 or more; and |
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(iii) has outstanding long-term |
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indebtedness that is rated by a nationally recognized rating agency |
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for municipal securities in one of the four highest rating |
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categories for a long-term obligation; |
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(B) a conservation and reclamation district |
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created and organized as a river authority under Section 52, |
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Article III, or Section 59, Article XVI, Texas Constitution; |
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(C) a joint powers agency organized and operating |
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under Chapter 163, Utilities Code; |
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(D) a metropolitan rapid transit authority, [or] |
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regional transportation authority, or coordinated county |
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transportation authority created, organized, or [and] operating |
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under Chapter 451, [or] 452, or 460, Transportation Code; |
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(E) a conservation and reclamation district |
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organized or operating as a navigation district under Section 52, |
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Article III, or Section 59, Article XVI, Texas Constitution; |
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(F) a district organized or operating under |
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Section 59, Article XVI, Texas Constitution, that has all or part of |
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two or more municipalities within its boundaries; |
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(G) a state agency, including a state institution |
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of higher education; |
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(H) a hospital authority created or operating |
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under Chapter 262 or 264, Health and Safety Code, in a county that: |
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(i) has a population of more than 3.3 |
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million; or |
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(ii) is included, in whole or in part, in a |
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standard metropolitan statistical area of this state that includes |
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a county with a population of more than 2.2 million; |
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(I) a hospital district in a county that has a |
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population of more than two million; |
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(J) a nonprofit corporation organized to |
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exercise the powers of a higher education loan authority under |
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Section 53B.47(e), Education Code; |
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(K) a county: |
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(i) that has a population of 3.3 million or |
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more; or |
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(ii) that, on the date of issuance of |
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obligations under this chapter, has authorized, outstanding, or any |
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combination of authorized and outstanding, indebtedness of at least |
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$100 million secured by and payable from the county's ad valorem |
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taxes and the authorized long-term indebtedness of which is rated |
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by a nationally recognized rating agency of securities issued by |
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local governments in one of the four highest rating categories for a |
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long-term obligation; |
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(L) an independent school district that has an |
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average daily attendance of 50,000 or more as determined under |
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Section 42.005, Education Code; |
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(M) a municipality or county operating under |
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Chapter 334, Local Government Code; |
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(N) a district created under Chapter 335, Local |
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Government Code; |
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(O) a junior college district that has a total |
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headcount enrollment of 40,000 or more based on enrollment in the |
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most recent regular semester; or |
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(P) an issuer, as defined by Section 1201.002, |
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that has: |
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(i) a principal amount of at least $100 |
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million in outstanding long-term indebtedness, in long-term |
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indebtedness proposed to be issued, or in a combination of |
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outstanding or proposed long-term indebtedness; and |
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(ii) some amount of long-term indebtedness |
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outstanding or proposed to be issued that is rated in one of the |
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four highest rating categories for long-term debt instruments by a |
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nationally recognized rating agency for municipal securities, |
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without regard to the effect of any credit agreement or other form |
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of credit enhancement entered into in connection with the |
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obligation. |
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SECTION 5. (a) Any act or proceeding of a coordinated county |
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transportation authority is validated as of the date it occurred. |
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(b) This Act does not validate any governmental act or |
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proceeding that, under the law of this state at the time the act or |
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proceeding occurred, was a misdemeanor offense or a felony offense. |
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SECTION 6. This Act takes effect September 1, 2009. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3070 was passed by the House on April |
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30, 2009, by the following vote: Yeas 144, Nays 0, 1 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3070 was passed by the Senate on May |
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26, 2009, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |