SRC-TBR S.B. 1513 77(R)   BILL ANALYSIS


Senate Research Center   S.B. 1513
77R6657 DWS-DBy: Lucio
Finance
4/3/2001
As Filed


DIGEST AND PURPOSE 

The Texas Department of Transportation's ongoing cash balance represents an
opportunity for more aggressive fiscal management.  As proposed, S.B. 1513
allows the Texas Transportation Commission (commission) to borrow money
from the state treasury or any other source to carry out the functions of
the commission. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a
state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Chapter 201C, Transportation Code, by adding Section
201.114, as follows: 

Sec. 201.114.  BORROWING MONEY. (a)  Authorizes the Texas Transportation
Commission (commission) to borrow money from the state treasury or any
other source to carry out the functions of the commission or department,
subject to Subsection (d). 

(b)  Authorizes a contract for a loan under this section to contain any
provisions the commission considers appropriate, except the term of the
loan may not exceed one year and the loan may not create general obligation
of the state and is payable only as authorized by legislative
appropriation. 

(c)  Authorizes the comptroller to contract with the commission for a loan
of money in the state highway fund or other money in the state treasury
that is not dedicated to a specific purpose. 

(d)  Authorizes the legislature to prescribe in the General Appropriations
Act the purposes for which the proceeds of a loan under this section may be
spent. 

SECTION 2.  Provides that this Act takes effect on the date on which the
constitutional amendment proposed by the 77th Legislature, Regular Session,
2001, providing for authorization of the borrowing of money on a short-term
basis by a state transportation agency for transportation-related projects
takes effect.  Provides that if that amendment is not approved by the
voters, this Act has no effect.