| (a) Transportation Code, §222.035, requires the Texas Department of Transportation to establish and administer a program for private activity bonds issued for highway facilities or surface freight transfer facilities in this state that includes a process by which the department and the Texas Bond Review Board receive and evaluate applications for issuance of private activity bonds for highway facilities or surface freight transfer facilities prior to submission of a request for private activity bond allocation authorization to the US Department of Transportation (US DOT). This subchapter establishes a process and procedures governing applications for the issuance of private activity bonds for highway or surface freight transfer facility projects by any eligible entity authorized to submit an application to the Texas Transportation Commission. (b) Pursuant to Transportation Code, §222.035, the program established in this subchapter provides a method for processing applications submitted by eligible entities other than the department. The department has established a separate method for processing department applications, which will be given priority due to department projects being priority projects with statewide significance. Applications for the issuance of private activity bonds for highway or surface freight transfer facility projects of the department are exempt from the requirements of this subchapter, and shall be submitted to the US DOT pursuant to procedures established by the department in accordance with applicable law. The department shall provide the Texas Bond Review Board with a copy of an application submitted by the department pursuant to §5.87(a)(1) of this subchapter (relating to Department Action). (c) For other eligible entities authorized to submit an application for the issuance of private activity bonds to the commission, the process and procedures established in this subchapter identify submission requirements and criteria by which the commission will receive and evaluate such applications. |
