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.