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