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Senate Joint Resolution 64 |
Senate Author: Carona |
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For Election: 11-6-07 |
House Sponsor: Krusee |
Senate Joint Resolution 64 proposes an amendment to the state constitution to authorize the legislature by general law to allow the Texas Transportation Commission or its successor to issue general obligation bonds in an aggregate amount not to exceed $5 billion to provide funding for highway improvement projects. The proposed amendment specifies that the bonds are general obligations of the state and provides for an appropriation to pay the principal of and interest on the bonds while any of the bonds or interest on the bonds is outstanding and unpaid. It authorizes a portion of bond proceeds and earned interest to be used to pay the costs of administering projects, issuing the bonds, and making payments under a related credit agreement.