By Shapiro S.J.R. No. 16
77R5021 DWS-F
A JOINT RESOLUTION
1-1 proposing a constitutional amendment creating the Texas mobility
1-2 fund and authorizing the issuance of obligations for financing the
1-3 construction and acquisition of extensions, improvements, and
1-4 expansions of the state's highways and roads and other mobility
1-5 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) "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 and acquisition of extensions, improvements, and
1-20 expansions of the state's highways and roads and related
1-21 infrastructure, as determined by the commission in accordance with
1-22 standards and procedures established by law.
1-23 (c) Money in the fund, including the proceeds of any
1-24 financing, may also be used to provide participation by the state
2-1 in the payment of a portion of the costs of constructing and
2-2 providing publicly owned toll roads and other public transportation
2-3 projects in accordance with procedures, standards, and limitations
2-4 established by law. Income on money in the fund shall be deposited
2-5 in the fund.
2-6 (d) The commission may issue and sell obligations of the
2-7 state, and enter into related credit agreements, that are payable
2-8 from and secured by a pledge of and a lien on all or part of the
2-9 money on deposit from time to time in the fund in an aggregate
2-10 principal amount that can be repaid when due from the money that is
2-11 required, by law enacted under Subsection (e) of this section, to
2-12 be deposited in the fund, as that aggregate amount is projected by
2-13 the comptroller in accordance with procedures established by law.
2-14 The obligations must be issued:
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.
2-27 (e) The legislature by law may dedicate to the fund one or
3-1 more specific sources or portions or a specific amount of the
3-2 revenue, including taxes, and other money of the state. In
3-3 exercising that authority, the legislature may dedicate to the fund
3-4 only that portion of the money received from the levy and
3-5 collection of motor vehicle registration fees and from taxes on
3-6 motor fuels and lubricants that are dedicated for public highway
3-7 and roadway purposes by Section 7-a, Article VIII, of this
3-8 constitution that result from:
3-9 (1) increases, if any, in the rate of those fees or
3-10 taxes from the amount or rate in effect on January 1, 2001; or
3-11 (2) the payment out of other funds of the state of
3-12 costs to which those fees and taxes are dedicated.
3-13 (f) Money dedicated as provided by this section is
3-14 appropriated when received by the state, shall be deposited in the
3-15 fund, and may be used as provided by this section and law enacted
3-16 under this section without further appropriation. While money in
3-17 the fund is pledged to the payment of any outstanding obligations
3-18 or related credit agreements, the dedication of a specific source
3-19 or portion of revenue, taxes, or other money made as provided by
3-20 this section may not be reduced, rescinded, or repealed unless the
3-21 legislature by law:
3-22 (1) dedicates a substitute or different source that is
3-23 projected by the comptroller to be of a value equal to or greater
3-24 than the source or amount being reduced, rescinded, or repealed;
3-25 and
3-26 (2) implements the authority granted by Subsection (g)
3-27 of this section.
4-1 (g) In addition to the dedication of specified sources or
4-2 amounts of revenue, taxes, or money as provided by Subsection (e)
4-3 of this section, the legislature may by law authorize the
4-4 commission to guarantee the payment of any obligations and credit
4-5 agreements issued and executed by the commission under the
4-6 authority of this section by pledging the full faith and credit of
4-7 the state to that payment if dedicated revenue is insufficient for
4-8 that purpose. If that authority is granted and is implemented by
4-9 the commission, while any of the bonds, notes, other obligations,
4-10 or credit agreements are outstanding and unpaid, and for any fiscal
4-11 year during which the dedicated revenue, taxes, and money are
4-12 insufficient to make all payments when due, there is appropriated,
4-13 and there shall be deposited in the fund, out of the first money
4-14 coming into the treasury in each fiscal year that is not otherwise
4-15 appropriated by this constitution, an amount that is sufficient to
4-16 pay the principal of the obligations and agreements and the
4-17 interest on the obligations and agreements that become due during
4-18 that fiscal year, minus any amount in the fund that is available
4-19 for that payment in accordance with applicable law.
4-20 (h) All obligations and related credit agreements to be
4-21 issued and executed under the authority of this section shall be
4-22 submitted to the attorney general for approval as to their
4-23 legality. If the attorney general finds that they will be issued in
4-24 accordance with this section and applicable law, the attorney
4-25 general shall approve them, and, after payment by the purchasers in
4-26 accordance with the terms of sale, they are incontestable for any
4-27 cause.
5-1 (i) Obligations and credit agreements issued or executed
5-2 under the authority of this section may not be included in the
5-3 computation required by Section 49-j, Article III, of this
5-4 constitution, except that if money in a specified amount has been
5-5 dedicated to the fund without specification of its source or the
5-6 authority granted by Subsection (g) of this section has been
5-7 implemented, the obligations and credit agreements shall be
5-8 included to the extent the comptroller projects that general funds
5-9 of the state, if any, will be required to pay amounts due on or on
5-10 account of the obligations and credit agreements.
5-11 (j) The collection and deposit of the amounts required by
5-12 this section, applicable law, and contract to be applied to the
5-13 payment of obligations and related credit agreements issued,
5-14 executed, and secured under the authority of this section may be
5-15 enforced by mandamus against the commission, an agency governed by
5-16 the commission, and the comptroller in a district court of Travis
5-17 County, and the sovereign immunity of the state is waived for that
5-18 purpose.
5-19 SECTION 2. This proposed constitutional amendment shall be
5-20 submitted to the voters at an election to be held November 6, 2001.
5-21 The ballot shall be printed to permit voting for or against the
5-22 proposition: "The constitutional amendment creating the Texas
5-23 mobility fund and authorizing the issuance of obligations for
5-24 financing the construction and acquisition of extensions,
5-25 improvements, and expansions of the state's highways and roads and
5-26 other mobility projects."