By Lucio                                              S.B. No. 1513
         77R6657 DWS-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the borrowing of money by the Texas Transportation
 1-3     Commission.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Subchapter C, Chapter 201, Transportation Code, is
 1-6     amended by adding Section 201.114 to read as follows:
 1-7           Sec. 201.114.  BORROWING MONEY. (a)  The commission may
 1-8     borrow money from the state treasury or any other source to carry
 1-9     out the functions of the commission or department, subject to
1-10     Subsection (d).
1-11           (b)  A contract for a loan under this section may contain any
1-12     provisions the commission considers appropriate, except:
1-13                 (1)  the term of the loan may not exceed one year; and
1-14                 (2)  the loan may not create general obligation of the
1-15     state and is payable only as authorized by legislative
1-16     appropriation.
1-17           (c)  The comptroller may contract with the commission for a
1-18     loan of:
1-19                 (1)  money in the state highway fund; or
1-20                 (2)  other money in the state treasury that is not
1-21     dedicated to a specific purpose.
1-22           (d)  The legislature may prescribe in the General
1-23     Appropriations Act the purposes for which the proceeds of a loan
1-24     under this section may be spent.
 2-1           SECTION 2. This Act takes effect on the date on which the
 2-2     constitutional amendment proposed by the 77th Legislature, Regular
 2-3     Session, 2001, providing for authorization of the borrowing of
 2-4     money on a short-term basis by a state transportation agency for
 2-5     transportation-related projects takes effect. If that amendment is
 2-6     not approved by the voters, this Act has no effect.