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."