TITLE: Relating to the creation of a port capital project revolving loan program by the Texas Department of Transportation.

SUMMARY: Relating to the creation of a port capital project revolving loan program by the Texas Department of Transportation.

FULL TEXT:
AN ACT relating to the creation of a port capital project revolving loan program by the Texas Department of Transportation. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Chapter 55, Transportation Code, is amended by adding Section 55.010 to read as follows: Sec. 55.010. PORT CAPITAL PROJECT REVOLVING LOAN PROGRAM. (a) The department shall establish a revolving loan program to provide loans to port authorities and navigation districts for port security projects, transportation projects, and other projects eligible for funding under Section 55.002(c). The department by rule shall, after consideration of the committee's recommendations, develop policies and procedures to administer the loan program from funds appropriated to the department for that purpose. (b) The department shall enter into a written agreement with a port authority or navigation district that receives a loan under the program that contains the terms of the loan, including loan repayment requirements. SECTION 2. This Act takes effect September 1, 2017.