LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session April 17, 2001 TO: Honorable Clyde Alexander, Chair, House Committee on Transportation FROM: John Keel, Director, Legislative Budget Board IN RE: SJR10 by Lucio (Proposing a constitutional amendment authorizing the legislature to provide for the issuance of bonds for improvements to the state highway system.), As Engrossed ************************************************************************** * No significant fiscal implication to the State is anticipated, * * other than the cost of publication. * * * * The cost to the state for publication of the resolution is $80,000. * ************************************************************************** The resolution would propose a constitutional amendment to authorize the Texas Transportation Commission (TTC) to issue bonds and enter into bond enhancement agreements that are payable from revenues received from the Federal Highway Trust Fund and other revenue deposited to the credit of the State Highway Fund. The resolution would establish requirements and guidelines for annual debt service on specific bonds and would appropriate an amount each fiscal year from eligible revenue sufficient to pay any outstanding principal, interest, and bond-related costs eligible for reimbursement under federal law. The resolution would require the TTC to determine the 10 year average expenditure ratio of non-federal aid projects to federal aid projects and certify to the governor and the Legislative Budget Board that the ratio would not be reduced as a result of the proposed issuance. Costs related to the enactment of this resolution are provided in the cost estimate for the enabling legislation. The proposed amendment would be submitted to voters during the election to be held November 6, 2001. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: LBB Staff: JK, JO, RT, MW