By: Schwertner  S.B. No. 980          (In the Senate - Filed February 21, 2017; March 6, 2017,   read first time and referred to Committee on Transportation;   April 10, 2017, reported adversely, with favorable Committee   Substitute by the following vote:  Yeas 7, Nays 2; April 10, 2017,   sent to printer.)Click here to see the committee vote     COMMITTEE SUBSTITUTE FOR S.B. No. 980 By:  Hall     A BILL TO BE ENTITLED   AN ACT     relating to state money or credit or a state guarantee used or   provided for high-speed rail owned by a private entity.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Chapter 199, Transportation Code, is amended by   adding Section 199.003 to read as follows:          Sec. 199.003.  STATE MONEY FOR HIGH-SPEED RAIL; PRIORITY OF   LIEN.  (a)  For the purposes of this section, "high-speed rail"   means intercity passenger rail service that is reasonably expected   to reach speeds that exceed 110 miles per hour.          (b)  No state money, credit, or guarantee shall be used or   provided, wholly or partly, for any purpose related to high-speed   rail owned by a private entity unless, to secure the repayment of   state money, this state acquires and maintains a lien on or other   security interest in:                (1)  property of the private entity acquired with or   through state money or credit or using a guarantee of this state; or                (2)  other assets owned by the private entity.          (c)  Before an entity or official of this state enters into   an agreement to provide state money or credit or a state guarantee   under Subsection (b), the Bond Review Board must review and certify   the agreement to ensure that the lien or other security interest   described by that subsection is sufficient, in accordance with   generally accepted accounting standards, to protect this state's   financial interests.          (d)  A lien on or other security interest held by this state   in property or other assets described by Subsection (b) is superior   and prior to any other lien, claim, or interest of any other person   on or against the property or other assets of the private entity.          SECTION 2.  This Act takes effect September 1, 2017.     * * * * *