1-1 By: Lucio, et al. S.J.R. No. 10 1-2 (In the Senate - Filed January 12, 2001; January 16, 2001, 1-3 read first time and referred to Committee on Business and Commerce; 1-4 March 19, 2001, reported adversely, with favorable Committee 1-5 Substitute by the following vote: Yeas 5, Nays 0; March 19, 2001, 1-6 sent to printer.) 1-7 COMMITTEE SUBSTITUTE FOR S.J.R. No. 10 By: Lucio 1-8 SENATE JOINT RESOLUTION 1-9 proposing a constitutional amendment authorizing the legislature to 1-10 provide for the issuance of bonds for improvements to the state 1-11 highway system. 1-12 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-13 SECTION 1. Article III, Texas Constitution, is amended by 1-14 adding Section 49-k to read as follows: 1-15 Sec. 49-k. (a) To fund improvements to the state highway 1-16 system, the legislature may authorize the Texas Transportation 1-17 Commission or its successor to issue bonds and enter into bond 1-18 enhancement agreements that are payable from: 1-19 (1) revenue received or to be received from the 1-20 federal highway trust fund; 1-21 (2) other revenue deposited to the credit of the state 1-22 highway fund; or 1-23 (3) a combination of those sources. 1-24 (b) While the principal of any of the bonds authorized by 1-25 this section or interest on those bonds is outstanding, there is 1-26 appropriated in each fiscal year from the revenue received from the 1-27 federal highway trust fund and other revenues deposited to the 1-28 credit of the state highway fund in that fiscal year an amount that 1-29 is sufficient to pay: 1-30 (1) the principal of and interest on the bonds that 1-31 mature or become due during the fiscal year; and 1-32 (2) any cost related to the bonds, including payments 1-33 under bond enhancement agreements, eligible for reimbursement under 1-34 federal law that becomes due during that fiscal year. 1-35 SECTION 2. This proposed constitutional amendment shall be 1-36 submitted to the voters at an election to be held November 6, 2001. 1-37 The ballot shall be printed to permit voting for or against the 1-38 proposition: "The constitutional amendment authorizing the 1-39 legislature to provide for the issuance of bonds for improvements 1-40 to the state highway system." 1-41 * * * * *