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House Joint Resolution 54 |
House Author: McClendon et al. |
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For Election: 11-8-05 |
Senate Sponsor: Staples et al. |
House Joint Resolution 54 proposes a constitutional amendment to create the Texas rail relocation and improvement fund and authorize grants of money and issuance of obligations for financing the relocation, rehabilitation, and expansion of rail facilities. The proposed amendment creates the fund in the state treasury and requires it to be administered by the Texas Transportation Commission to provide a method of financing the relocation and improvement of privately and publicly owned passenger and freight rail facilities to achieve certain purposes. It authorizes the commission to issue and sell bonds and other public securities secured by money in the fund and specifies how the proceeds must be used. The proposed amendment authorizes the legislature to dedicate a source of revenue for the fund and provides for payment of obligations and credit agreements issued and executed by the commission.