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  H.B. No. 122
 
 
 
 
AN ACT
  relating to the Texas Mobility Fund.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Sections 201.943(a) and (l), Transportation
  Code, are amended to read as follows:
         (a)  Subject to Subsections (e), (f), [and] (g), and (l), the
  commission by order or resolution may issue obligations in the name
  and on behalf of the state and the department and may enter into
  credit agreements related to the obligations. The obligations may
  be issued in multiple series and issues from time to time in an
  aggregate amount not exceeding the maximum obligation amount. The
  obligations may be issued on and may have the terms and provisions
  the commission determines appropriate and in the interests of the
  state. The obligations may be issued as long-term obligations,
  short-term obligations, or both. The latest scheduled maturity of
  an issue or series of obligations may not exceed 30 years.
         (l)  Except as otherwise provided by this subsection,
  obligations [Obligations] may not be issued under this section or
  Section 49-k, Article III, Texas Constitution, after January 1,
  2015 [if the commission or the department requires that toll roads
  be included in a regional mobility plan in order for a local
  authority to receive an allocation from the fund]. The commission
  may issue obligations to refund:
               (1)  outstanding obligations to provide savings to the
  state; and
               (2)  outstanding variable rate obligations and may
  renew or replace credit agreements relating to the variable rate
  obligations.
         SECTION 2.  Section 201.946(d), Transportation Code, is
  amended to read as follows:
         (d)  To the extent money is on deposit in the fund in amounts
  that are in excess of the money required by the proceedings
  authorizing the obligations and credit agreements to be retained on
  deposit, the commission may use the money for any purpose for which
  obligations may be issued under this subchapter, other than for
  toll roads.
         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, 2015.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 122 was passed by the House on April
  9, 2015, by the following vote:  Yeas 128, Nays 0, 2 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 122 was passed by the Senate on May
  19, 2015, by the following vote:  Yeas 30, Nays 1.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor