S.B. No. 1384 aims to enhance the financial capabilities of regional mobility authorities in Texas by allowing them to provide financial assistance for transportation projects undertaken by governmental entities within their jurisdiction. The bill amends Section 370.174(b) of the Transportation Code to include provisions for assisting in the financing of toll or toll-free transportation projects through various means, such as extending credit, providing credit enhancements, and subsidizing interest rates. Additionally, it introduces a new Section 370.1745, which outlines the specific types of financial assistance that can be offered, including direct loans and security for bonds, while ensuring that such assistance aligns with the transportation plans developed by metropolitan planning organizations.

The bill also stipulates that governmental entities authorized to construct transportation projects may borrow funds from the authority, with the requirement that these funds be segregated and used solely for transportation-related purposes. Furthermore, it allows these entities to issue revenue bonds for repaying the assistance received without adhering to other bond issuance laws, although certain chapters of the Government Code will still apply. The revenue bonds must be approved by the attorney general and registered by the comptroller, ensuring their validity and binding nature. This legislation is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Transportation Code 370.174 (Transportation Code 370)