By Lucio S.J.R. No. 7 77R1714 DRH-D A JOINT RESOLUTION 1-1 proposing a constitutional amendment authorizing the legislature to 1-2 provide for the issuance of bonds for certain improvements to the 1-3 state highway system. 1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Article III, Texas Constitution, is amended by 1-6 adding Section 49-k to read as follows: 1-7 Sec. 49-k. (a) To fund improvements to the state highway 1-8 system, including improvements relating to North American Free 1-9 Trade Agreement-related corridors, the legislature may authorize 1-10 the Texas Transportation Commission or its successor to issue bonds 1-11 and enter into bond enhancement agreements that are payable from 1-12 revenue received or to be received from the federal highway trust 1-13 fund and other revenue deposited to the credit of the state highway 1-14 fund. 1-15 (b) The maximum annual debt service in any fiscal year on 1-16 state debt authorized by this section may not exceed 15 percent of 1-17 the amount received from the federal highway trust fund by this 1-18 state in the preceding fiscal year. 1-19 (c) While the principal of any of the bonds authorized by 1-20 this section or interest on those bonds is outstanding, there is 1-21 appropriated in each fiscal year from the revenue received from the 1-22 federal highway trust fund and other revenues deposited to the 1-23 credit of the state highway fund in that fiscal year an amount that 1-24 does not exceed the limit imposed by Subsection (b) of this section 2-1 and is sufficient to pay: 2-2 (1) the principal of and interest on the bonds that 2-3 mature or become due during the fiscal year; and 2-4 (2) any bond-related cost eligible for reimbursement 2-5 under federal law that becomes due during that fiscal year. 2-6 (d) The authority to issue bonds under this section expires 2-7 on September 1, 2005, unless before that date: 2-8 (1) the legislature enacts legislation to authorize 2-9 the issuance of bonds under this section and that legislation 2-10 becomes law; 2-11 (2) the legislature or a legislative agency 2-12 subsequently reviews the legislative authorization to issue bonds 2-13 under this section in the manner in which state agencies are 2-14 periodically reviewed under general law; and 2-15 (3) the 78th or 79th Legislature at its regular 2-16 session enacts legislation that becomes law and that continues in 2-17 effect the legislative authorization to issue bonds under this 2-18 section. 2-19 (e) The expiration of the authority to issue bonds under 2-20 this section as provided by Subsection (d) of this section does not 2-21 affect the validity of a bond that was issued before the authority 2-22 expired. 2-23 SECTION 2. This proposed constitutional amendment shall be 2-24 submitted to the voters at an election to be held November 6, 2001. 2-25 The ballot shall be printed to permit voting for or against the 2-26 proposition: "The constitutional amendment authorizing the 2-27 legislature to provide for the issuance of certain state highway 3-1 system improvement bonds payable from federal and state highway 3-2 funds."