By Lucio S.J.R. No. 10 77R4056 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 critical highways in the 1-9 border transportation districts of the Texas Department of 1-10 Transportation, the legislature may authorize the Texas 1-11 Transportation Commission or its successor to issue bonds and enter 1-12 into bond enhancement agreements that are payable from revenue 1-13 received or to be received from the federal highway trust fund and 1-14 other revenue deposited to the credit of the state highway 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 SECTION 2. This proposed constitutional amendment shall be 2-7 submitted to the voters at an election to be held November 6, 2001. 2-8 The ballot shall be printed to permit voting for or against the 2-9 proposition: "The constitutional amendment authorizing the 2-10 legislature to provide for the issuance of certain state highway 2-11 system improvement bonds payable from federal and state highway 2-12 funds."