By: Shapiro S.J.R. No. 16
1-1 SENATE JOINT RESOLUTION
1-2 proposing a constitutional amendment creating the Texas Mobility
1-3 Fund and authorizing the issuance of obligations for financing the
1-4 construction, reconstruction, acquisition, and expansion of state
1-5 highways and other mobility projects.
1-6 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-7 SECTION 1. Article III, Texas Constitution, is amended by
1-8 adding Section 49-k to read as follows:
1-9 Sec. 49-k. (a) In this section:
1-10 (1) "Commission" means the Texas Transportation
1-11 Commission or its successor.
1-12 (2) "Comptroller" means the comptroller of public
1-13 accounts of the State of Texas.
1-14 (3) "Fund" means the Texas Mobility Fund.
1-15 (4) "Obligations" means bonds, notes, and other
1-16 negotiable instruments.
1-17 (b) The Texas Mobility Fund is created with the comptroller
1-18 as a revolving fund to provide a method of financing the
1-19 construction, reconstruction, acquisition, and expansion of state
1-20 highways, including any necessary design and acquisition of
1-21 rights-of-way, as determined by the commission in accordance with
1-22 standards and procedures established by law.
1-23 (c) Money in the fund may also be used to provide
1-24 participation by the state in the payment of a portion of the costs
2-1 of constructing and providing publicly owned toll roads and other
2-2 public transportation projects in accordance with procedures,
2-3 standards, and limitations established by law. Income on money in
2-4 the fund shall be deposited in the fund.
2-5 (d) The commission may issue and sell obligations of the
2-6 state, and enter into related credit agreements, that are payable
2-7 from and secured by a pledge of and a lien on all or part of the
2-8 money on deposit from time to time in the fund in an aggregate
2-9 principal amount that can be repaid when due from the money on
2-10 deposit in the fund, including money that is required, by law
2-11 enacted under Subsection (e) of this section, to be deposited in
2-12 the fund, as that aggregate amount is projected by the comptroller
2-13 in accordance with procedures established by law. The proceeds of
2-14 the obligations must be deposited in the fund and used:
2-15 (1) for one or more of the specific purposes
2-16 authorized by law, including:
2-17 (A) refunding obligations authorized by this
2-18 section;
2-19 (B) creating reserves for payment of the
2-20 obligations and related credit agreements;
2-21 (C) paying the costs of issuance; and
2-22 (D) paying interest on the obligations and
2-23 related credit agreements for a period not longer than the maximum
2-24 period established by law; and
2-25 (2) in the manner, to the extent, on the terms, and
2-26 subject to the limitations prescribed or permitted by law.
3-1 (e) The legislature by law may dedicate to the fund one or
3-2 more specific sources or portions or a specific amount of the
3-3 revenue, including taxes, and other money of the state. In
3-4 exercising that authority, the legislature may dedicate to the fund
3-5 only that portion of the money received from the levy and
3-6 collection of motor vehicle registration fees and from taxes on
3-7 motor fuels and lubricants that are dedicated for public highway
3-8 and roadway purposes by Section 7-a, Article VIII, of this
3-9 constitution that result from the payment out of other funds of the
3-10 state of costs to which those fees and taxes are dedicated.
3-11 (f) Money dedicated as provided by this section is
3-12 appropriated when received by the state, shall be deposited in the
3-13 fund, and may be used as provided by this section and law enacted
3-14 under this section without further appropriation. While money in
3-15 the fund is pledged to the payment of any outstanding obligations
3-16 or related credit agreements, the dedication of a specific source
3-17 or portion of revenue, taxes, or other money made as provided by
3-18 this section may not be reduced, rescinded, or repealed unless:
3-19 (1) the legislature by law dedicates a substitute or
3-20 different source that is projected by the comptroller to be of a
3-21 value equal to or greater than the source or amount being reduced,
3-22 rescinded, or repealed and authorizes the commission to implement
3-23 the authority granted by Subsection (g) of this section; and
3-24 (2) the commission implements the authority granted by
3-25 the legislature pursuant to Subsection (g) of this section.
3-26 (g) In addition to the dedication of specified sources or
4-1 amounts of revenue, taxes, or money as provided by Subsection (e)
4-2 of this section, the legislature may by law authorize the
4-3 commission to guarantee the payment of any obligations and credit
4-4 agreements issued and executed by the commission under the
4-5 authority of this section by pledging the full faith and credit of
4-6 the state to that payment if dedicated revenue is insufficient for
4-7 that purpose. If that authority is granted and is implemented by
4-8 the commission, while any of the bonds, notes, other obligations,
4-9 or credit agreements are outstanding and unpaid, and for any fiscal
4-10 year during which the dedicated revenue, taxes, and money are
4-11 insufficient to make all payments when due, there is appropriated,
4-12 and there shall be deposited in the fund, out of the first money
4-13 coming into the state treasury in each fiscal year that is not
4-14 otherwise appropriated by this constitution, an amount that is
4-15 sufficient to pay the principal of the obligations and agreements
4-16 and the interest on the obligations and agreements that become due
4-17 during that fiscal year, minus any amount in the fund that is
4-18 available for that payment in accordance with applicable law.
4-19 (h) All obligations and related credit agreements to be
4-20 issued and executed under the authority of this section shall be
4-21 submitted to the attorney general for approval as to their
4-22 legality. If the attorney general finds that they will be issued
4-23 in accordance with this section and applicable law, the attorney
4-24 general shall approve them, and, after payment by the purchasers of
4-25 the obligations in accordance with the terms of sale and after
4-26 execution and delivery of the related credit agreements, they are
5-1 incontestable for any cause.
5-2 (i) Obligations and credit agreements issued or executed
5-3 under the authority of this section may not be included in the
5-4 computation required by Section 49-j, Article III, of this
5-5 constitution, except that if money in a specified amount has been
5-6 dedicated to the fund without specification of its source or the
5-7 authority granted by Subsection (g) of this section has been
5-8 implemented, the obligations and credit agreements shall be
5-9 included to the extent the comptroller projects that general funds
5-10 of the state, if any, will be required to pay amounts due on or on
5-11 account of the obligations and credit agreements.
5-12 (j) The collection and deposit of the amounts required by
5-13 this section, applicable law, and contract to be applied to the
5-14 payment of obligations and related credit agreements issued,
5-15 executed, and secured under the authority of this section may be
5-16 enforced by mandamus against the commission, an agency governed by
5-17 the commission, and the comptroller in a district court of Travis
5-18 County, and the sovereign immunity of the state is waived for that
5-19 purpose.
5-20 SECTION 2. This proposed constitutional amendment shall be
5-21 submitted to the voters at an election to be held November 6, 2001.
5-22 The ballot shall be printed to permit voting for or against the
5-23 proposition: "The constitutional amendment creating the Texas
5-24 Mobility Fund and authorizing the issuance of obligations for
5-25 financing the construction, reconstruction, acquisition, and
5-26 expansion of state highways and other mobility projects."