88R10702 JAM-D     By: Reynolds H.B. No. 2832       A BILL TO BE ENTITLED   AN ACT   relating to the funding of multimodal transportation projects;   authorizing the issuance of revenue bonds.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter H, Chapter 201, Transportation Code,   is amended by adding Section 201.6085 to read as follows:          Sec. 201.6085.  MULTIMODAL PROJECTS.  (a)  In this section,   "fund" means the multimodal project revolving fund.          (b)  The multimodal project revolving fund is an account in   the general revenue fund.  The fund is administered by the   commission.          (c)  The following money shall be credited to the fund:                (1)  money the commission receives as a gift, grant, or   donation for a purpose of this section;                (2)  money appropriated to the commission for the   purposes of this section;                (3)  money received by the commission for the repayment   of a loan made by the program established under Subsection (f);                (4)  proceeds of bonds issued under Subsection (g); and                (5)  interest earned on deposits and investments of the   fund.          (d)  Money in the fund may be appropriated only to the   commission for the purposes of administering the fund and the   program established under Subsection (f).          (e)  The financial transactions of the fund are subject to   audit by the state auditor.          (f)  The commission by rule shall establish a revolving loan   program to use money from the fund to provide loans for qualified   projects to local governmental entities, including municipalities,   counties, port authorities, and special districts. To be a   qualified project, a project must enhance connectivity between   marine ports, airports, inland ports, and the state highway system   and may include projects that deepen or widen a ship channel.          (g)  The commission may issue revenue bonds for the purpose   of providing money for the fund.  Bonds issued under this subsection   may be issued for terms of 50 or 100 years. The aggregate principal   amount of the bonds issued under this subsection that are   outstanding at any time may not exceed 25 percent of the amount of   money in the fund. Bond proceeds shall be deposited in the fund.          SECTION 2.  This Act takes effect September 1, 2023.