HB3643 - Relating to the withdrawal of a unit of election from certain metropolitan rapid transit authorities and the net financial obligation of that withdrawal.

  89R15404 RDR-F     By: Troxclair H.B. No. 3643       A BILL TO BE ENTITLED   AN ACT   relating to the withdrawal of a unit of election from certain   metropolitan rapid transit authorities and the net financial   obligation of that withdrawal.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 451.603(c), Transportation Code, is   amended to read as follows:          (c)  An election to withdraw may not be held [ ordered, and a   petition for an election to withdraw may not be accepted for filing,   on or ] before the second [ fifth ] anniversary of the first day of the   calendar month in which a [ after the date of a ] previous election to   withdraw [ in ] the unit of election [ to withdraw ] from the authority   was held .          SECTION 2.  Section 451.611, Transportation Code, is amended   by amending Subsection (a) and adding Subsections (c-1) and (e) to   read as follows:          (a)   Except as provided by Subsection (c-1), the [ The ] net   financial obligation of a withdrawn unit of election to the   authority is an amount equal to:                (1)  the gross financial obligations of the unit, which   is the sum of:                      (A)  the unit's apportioned share of the   authority's outstanding obligations; and                      (B)  the amount, not computed in Subdivision   (1)(A), that is necessary and appropriate to allocate to the unit   because of financial obligations of the authority that specifically   relate to the unit; minus                (2)  the unit's apportioned share of the unencumbered   assets of the authority that consist of cash, cash deposits,   certificates of deposit, and bonds, stocks, and other negotiable   securities.           (c-1)     This subsection applies only to a withdrawn unit of   election that has a total number of inhabitants equal to two percent   or less of the total number of inhabitants of the authority,   including the number of inhabitants of the unit.   The net financial   obligation of a withdrawn unit of election to which this subsection   applies is the fair market value of the authority's property that   will remain in the unit after the unit's withdrawal.           (e)     An authority shall annually make a good faith estimate   of each unit of election's net financial obligation and shall   report that estimate to the unit of election not later than July 1   of each year.          SECTION 3.  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, 2025.