S.B. No. 293
  relating to the pledge of certain revenue of a regional
  transportation authority to the payment of bonds.
         SECTION 1.  Subsection (a), Section 452.357, Transportation
  Code, is amended to read as follows:
         (a)  To secure the payment of an authority's bonds, the
  authority may:
               (1)  pledge all or part of revenue realized from any tax
  that the authority may impose;
               (2)  pledge any part of the revenue of the public
  transportation system;
               (3)  mortgage any part of the public transportation
  system, including any part of the system subsequently acquired;
               (4)  pledge all or part of funds the federal government
  has committed to the authority as grants in aid; and
               (5)  provide that a pledge of revenue described by
  Subdivision (1) or (2) is a first lien or charge against that
         SECTION 2.  Section 452.358, Transportation Code, is amended
  to read as follows:
         Sec. 452.358.  USE [PLEDGE] OF REVENUE [LIMITED].  Revenue
  in excess of amounts pledged under Section 452.357(a)(1) or (2)
  shall be used to:
               (1)  pay the [The] expenses of operation and
  maintenance of a public transportation system, including salaries,
  labor, materials, and repairs necessary to provide efficient
  service and every other proper item of expense; and
               (2)  fund operating reserves[, are a first lien and
  charge against any revenue of a public transportation system that
  is encumbered under this chapter].
         SECTION 3.  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, 2009.
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
         I hereby certify that S.B. No. 293 passed the Senate on
  March 19, 2009, by the following vote:  Yeas 31, Nays 0.
  Secretary of the Senate    
         I hereby certify that S.B. No. 293 passed the House on
  May 5, 2009, by the following vote:  Yeas 144, Nays 0, one present
  not voting.
  Chief Clerk of the House