By: Lucio, et al. S.J.R. No. 10 1-1 SENATE JOINT RESOLUTION 1-2 proposing a constitutional amendment authorizing the legislature to 1-3 provide for the issuance of bonds for improvements to the state 1-4 highway system. 1-5 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. Article III, Texas Constitution, is amended by 1-7 adding Section 49-k to read as follows: 1-8 Sec. 49-k. (a) To fund improvements to the state highway 1-9 system, the legislature may authorize the Texas Transportation 1-10 Commission or its successor to issue bonds and enter into bond 1-11 enhancement agreements that are payable from: 1-12 (1) revenue received or to be received from the 1-13 federal highway trust fund; 1-14 (2) other revenue deposited to the credit of the state 1-15 highway fund; or 1-16 (3) a combination of those sources. 1-17 (b) While the principal of any of the bonds authorized by 1-18 this section or interest on those bonds is outstanding, there is 1-19 appropriated in each fiscal year from the revenue received from the 1-20 federal highway trust fund and other revenues deposited to the 1-21 credit of the state highway fund in that fiscal year an amount that 1-22 is sufficient to pay: 1-23 (1) the principal of and interest on the bonds that 1-24 mature or become due during the fiscal year; and 2-1 (2) any cost related to the bonds, including payments 2-2 under bond enhancement agreements, eligible for reimbursement under 2-3 federal law that becomes due during that fiscal year. 2-4 (c) Before each issuance of bonds authorized by this 2-5 section, the Texas Transportation Commission or its successor shall 2-6 determine the 10-year historic average expenditure ratio of 2-7 nonfederal aid projects to federal aid projects and certify to the 2-8 governor and Legislative Budget Board or its successor, in a form 2-9 prescribed by the governor and Legislative Budget Board or its 2-10 successor, that the ratio will not be reduced as a result of the 2-11 proposed issuance. 2-12 SECTION 2. This proposed constitutional amendment shall be 2-13 submitted to the voters at an election to be held November 6, 2001. 2-14 The ballot shall be printed to permit voting for or against the 2-15 proposition: "The constitutional amendment authorizing the 2-16 legislature to provide for the issuance of bonds for improvements 2-17 to the state highway system."