Relating to the use of state money for high-speed rail operated by a private entity and to the construction of certain high-speed rail.

SB 424 creates a legal framework for Texas to partner with private companies to build and operate high-speed rail. It requires the Texas Department of Transportation to enter a development agreement with a private entity to construct, maintain, and operate rail service reaching at least 110 mph along the I-35 corridor connecting Dallas, Austin, and San Antonio. The bill directly affects state transportation authorities and future private rail operators by establishing specific requirements for such projects. It repeals an existing Transportation Code section and takes effect on September 1, 2025.