| |
| |
A BILL TO BE ENTITLED |
| 1-1 |
AN ACT |
| 1-2 |
relating to the
use of the proceeds of bonds and other public |
| 1-3 |
securities that
are secured by the state highway fund. |
| 1-4 |
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF TEXAS: |
| 1-5 |
SECTION 1. Section
222.003(c), Transportation Code, is |
| 1-6 |
amended to read
as follows: |
| 1-7 |
(c) Proceeds
from the sale of bonds and other public |
| 1-8 |
securities
issued under this section shall be used to fund state |
| 1-9 |
highway
improvement projects except that 20 percent of the proceeds |
| 1-10 |
shall be
deposited in a separate account to be designated as the |
| 1-11 |
high impact
NAFTA corridor account. Money in the account may be |
| 1-12 |
used only to
fund state highway projects that are designed to: |
| 1-13 |
(1) facilitate
the flow of commercial vehicular |
| 1-14 |
traffic in
international commerce; |
| 1-15 |
(2) provide
direct access to one or more international |
| 1-16 |
ports of
entry; |
| 1-17 |
(3) have
a higher volume of commercial vehicles |
| 1-18 |
carrying
freight in international commerce than in domestic |
| 1-19 |
commerce; |
| 1-20 |
(4) be
used mainly by commercial vehicular traffic in |
| 1-21 |
support of
just-in-time manufacturing operations; and |
| 1-22 |
(5) relieve
the burden on local streets and roads |
| 1-23 |
caused by
commercial vehicles engaged in international traffic or |
| 1-24 |
commerce. |
| 2-1 |
SECTION 2. The
change in law made by this Act applies only |
| 2-2 |
to the proceeds
from bonds or other public securities authorized by |
| 2-3 |
Section
222.003, Transportation Code, as amended by this Act, sold |
| 2-4 |
on or after the
effective date of this Act. |
| 2-5 |
SECTION 3. This
Act takes effect immediately if it receives |
| 2-6 |
a vote of
two-thirds of all the members elected to each house, as |
| 2-7 |
provided by
Section 39, Article III, Texas Constitution. If this |
| 2-8 |
Act does not
receive the vote necessary for immediate effect, this |
| 2-9 |
Act takes effect
September 1, 2007. |