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  H.B. No. 2219
 
 
 
 
AN ACT
  relating to the issuance of Texas Mobility Fund obligations.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 201.943, Transportation Code, is amended
  by amending Subsections (a), (d), and (l) and adding Subsection (m)
  to read as follows:
         (a)  Subject to Subsections (e), (f), (g), [and] (l), and
  (m), 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.
         (d)  Obligations may be issued for one or more of the
  following purposes:
               (1)  to pay all or part of the costs of constructing,
  reconstructing, acquiring, and expanding state highways, including
  any necessary design and acquisition of rights-of-way, in the
  manner and locations determined by the commission that, according
  to conclusive findings of the commission, have an expected useful
  life, without material repair, of not less than 10 years;
               (2)  to provide participation by the state in the
  payment of part of the costs of constructing and providing
  [publicly owned toll roads and other] public transportation
  projects that are determined by the commission to be in the best
  interests of the state in its major goal of improving the mobility
  of the residents of the state;
               (3)  to create debt service reserve accounts;
               (4)  to pay interest on obligations for a period of not
  longer than two years;
               (5)  to refund or cancel outstanding obligations; and
               (6)  to pay the commission's costs of issuance.
         (l)  Except as otherwise provided by this subsection,
  obligations may not be issued under this section or Section 49-k,
  Article III, Texas Constitution, on or after January 1, 2027
  [2015]. 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.
         (m)  The aggregate principal amount of obligations that may
  be issued under this section or Section 49-k, Article III, Texas
  Constitution, after May 31, 2021, and before January 1, 2027, other
  than obligations described by Subsection (l)(1) or (2), may not
  exceed an amount equal to 60 percent of the outstanding principal
  amount existing on May 1, 2021, of obligations issued under this
  section or Section 49-k, Article III, Texas Constitution.
         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.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 2219 was passed by the House on May 4,
  2021, by the following vote:  Yeas 114, Nays 31, 2 present, not
  voting; and that the House concurred in Senate amendments to H.B.
  No. 2219 on May 28, 2021, by the following vote:  Yeas 112, Nays 36,
  1 present, not voting.
 
  ______________________________
  Chief Clerk of the House   
 
         I certify that H.B. No. 2219 was passed by the Senate, with
  amendments, on May 24, 2021, by the following vote:  Yeas 27, Nays
  3.
 
  ______________________________
  Secretary of the Senate   
  APPROVED: __________________
                  Date       
   
           __________________
                Governor