77R14409 DWS-F
By Shapiro S.J.R. No. 16
Substitute the following for S.J.R. No. 16:
By Alexander C.S.S.J.R. No. 16
A JOINT RESOLUTION
1-1 proposing a constitutional amendment creating the Texas Mobility
1-2 Fund and authorizing grants and loans of money and issuance of
1-3 obligations for financing the construction, reconstruction,
1-4 acquisition, operation, and expansion of state highways, turnpikes,
1-5 toll roads, toll bridges, 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.
1-14 (3) "Department" means the Texas Department of
1-15 Transportation or its successor.
1-16 (4) "Fund" means the Texas Mobility Fund.
1-17 (5) "Obligations" means bonds, notes, and other public
1-18 securities.
1-19 (b) The Texas Mobility Fund is created in the state treasury
1-20 and shall be administered by the commission as a revolving fund to
1-21 provide a method of financing the construction, reconstruction,
1-22 acquisition, and expansion of state highways, including costs of
2-1 any necessary design and costs of acquisition of rights-of-way, as
2-2 determined by the commission in accordance with standards and
2-3 procedures established by law.
2-4 (c) Money in the fund may also be used to provide
2-5 participation by the state in the payment of a portion of the costs
2-6 of constructing and providing publicly owned toll roads and other
2-7 public transportation projects in accordance with the procedures,
2-8 standards, and limitations established by law.
2-9 (d) The commission may issue and sell obligations of the
2-10 state and enter into related credit agreements that are payable
2-11 from and secured by a pledge of and a lien on all or part of the
2-12 money on deposit in the fund in an aggregate principal amount that
2-13 can be repaid when due from money on deposit in the fund, as that
2-14 aggregate amount is projected by the comptroller in accordance with
2-15 procedures established by law. The proceeds of the obligations
2-16 must be deposited in the fund and used for one or more specific
2-17 purposes authorized by law, including:
2-18 (1) refunding obligations and related credit
2-19 agreements authorized by this section;
2-20 (2) creating reserves for payment of the obligations
2-21 and related credit agreements;
2-22 (3) paying the costs of issuance; and
2-23 (4) paying interest on the obligations and related
2-24 credit agreements for a period not longer than the maximum period
2-25 established by law.
2-26 (e) The legislature by law may dedicate to the fund one or
2-27 more specific sources or portions, or a specific amount, of the
3-1 revenue, including taxes, and other money of the state that are not
3-2 otherwise dedicated by this constitution. The legislature may not
3-3 dedicate money from the collection of motor vehicle registration
3-4 fees and taxes on motor fuels and lubricants dedicated by Section
3-5 7-a, Article VIII, of this constitution, but it may dedicate money
3-6 received from other sources that are allocated to the same costs as
3-7 those dedicated taxes and fees.
3-8 (f) Money dedicated as provided by this section is
3-9 appropriated when received by the state, shall be deposited in the
3-10 fund, and may be used as provided by this section and law enacted
3-11 under this section without further appropriation. While money in
3-12 the fund is pledged to the payment of any outstanding obligations
3-13 or related credit agreements, the dedication of a specific source
3-14 or portion of revenue, taxes, or other money made as provided by
3-15 this section may not be reduced, rescinded, or repealed unless:
3-16 (1) the legislature by law dedicates a substitute or
3-17 different source that is projected by the comptroller to be of a
3-18 value equal to or greater than the source or amount being reduced,
3-19 rescinded, or repealed and authorizes the commission to implement
3-20 the authority granted by Subsection (g) of this section; and
3-21 (2) the commission implements the authority granted by
3-22 the legislature pursuant to Subsection (g) of this section.
3-23 (g) In addition to the dedication of specified sources or
3-24 amounts of revenue, taxes, or money as provided by Subsection (e)
3-25 of this section, the legislature may by law authorize the
3-26 commission to guarantee the payment of any obligations and credit
3-27 agreements issued and executed by the commission under the
4-1 authority of this section by pledging the full faith and credit of
4-2 the state to that payment if dedicated revenue is insufficient for
4-3 that purpose. If that authority is granted and is implemented by
4-4 the commission, while any of the bonds, notes, other obligations,
4-5 or credit agreements are outstanding and unpaid, and for any fiscal
4-6 year during which the dedicated revenue, taxes, and money are
4-7 insufficient to make all payments when due, there is appropriated,
4-8 and there shall be deposited in the fund, out of the first money
4-9 coming into the state treasury in each fiscal year that is not
4-10 otherwise appropriated by this constitution, an amount that is
4-11 sufficient to pay the principal of the obligations and agreements
4-12 and the interest on the obligations and agreements that become due
4-13 during that fiscal year, minus any amount in the fund that is
4-14 available for that payment in accordance with applicable law.
4-15 (h) Proceedings authorizing obligations and related credit
4-16 agreements to be issued and executed under the authority of this
4-17 section shall be submitted to the attorney general for approval as
4-18 to their legality. If the attorney general finds that they will be
4-19 issued in accordance with this section and applicable law, the
4-20 attorney general shall approve them, and, after payment by the
4-21 purchasers of the obligations in accordance with the terms of sale
4-22 and after execution and delivery of the related credit agreements,
4-23 the obligations and related credit agreements are incontestable for
4-24 any cause.
4-25 (i) Obligations and credit agreements issued or executed
4-26 under the authority of this section may not be included in the
4-27 computation required by Section 49-j, Article III, of this
5-1 constitution, except that if money has been dedicated to the fund
5-2 without specification of its source or the authority granted by
5-3 Subsection (g) of this section has been implemented, the
5-4 obligations and credit agreements shall be included to the extent
5-5 the comptroller projects that general funds of the state, if any,
5-6 will be required to pay amounts due on or on account of the
5-7 obligations and credit agreements.
5-8 (j) The collection and deposit of the amounts required by
5-9 this section, applicable law, and contract to be applied to the
5-10 payment of obligations and credit agreements issued, executed, and
5-11 secured under the authority of this section may be enforced by
5-12 mandamus against the commission, the department, and the
5-13 comptroller in a district court of Travis County, and the sovereign
5-14 immunity of the state is waived for that purpose.
5-15 SECTION 2. Section 52-b, Article III, Texas Constitution, is
5-16 amended to read as follows:
5-17 Sec. 52-b. The Legislature shall have no power or authority
5-18 to in any manner lend the credit of the State or grant any public
5-19 money to, or assume any indebtedness, present or future, bonded or
5-20 otherwise, of any individual, person, firm, partnership,
5-21 association, corporation, public corporation, public agency, or
5-22 political subdivision of the State, or anyone else, which is now or
5-23 hereafter authorized to construct, maintain or operate toll roads
5-24 and turnpikes within this State except that the Legislature may
5-25 authorize the Texas Department of Transportation to expend, grant,
5-26 or loan money, from any source available, for the acquisition,
5-27 construction, maintenance, or operation [costs] of turnpikes, toll
6-1 roads, and [or] toll bridges [of the Texas Turnpike Authority, or
6-2 successor agency, provided that any monies expended out of the
6-3 state highway fund shall be repaid to the fund from tolls or other
6-4 turnpike revenue].
6-5 SECTION 3. This proposed constitutional amendment shall be
6-6 submitted to the voters at an election to be held November 6, 2001.
6-7 The ballot shall be printed to permit voting for or against the
6-8 proposition: "The constitutional amendment creating the Texas
6-9 Mobility Fund and authorizing grants and loans of money and
6-10 issuance of obligations for financing the construction,
6-11 reconstruction, acquisition, operation, and expansion of state
6-12 highways, turnpikes, toll roads, toll bridges, and other mobility
6-13 projects."