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                                  * * * * *