TITLE: Relating to bonds issued by certain metropolitan rapid transit authorities.

SUMMARY: Relating to bonds issued by certain metropolitan rapid transit authorities.

FULL TEXT:
AN ACT relating to bonds issued by certain metropolitan rapid transit authorities. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 451.362, Transportation Code, is amended by amending Subsection (a) and adding Subsection (e) to read as follows: (a) Notwithstanding other provisions of this chapter and except as provided by Subsections (c),[and] (d), and (e), the board, by order or resolution, may issue bonds that are secured by revenue or taxes of the authority if the bonds: (1) have a term of not more than 12 months; and (2) are payable only from revenue or taxes received on or after the date of their issuance and before the end of the fiscal year following the fiscal year in which the bonds are issued. (e) In an authority confirmed before July 1, 1985, in which the principal municipality has a population of less than one million, bonds may have a term of not more than 15 years. The bonds are payable only from taxes or revenue received on or after the date the bonds are issued. SECTION 2. This Act takes effect September 1, 2019.