LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session April 2, 2001 TO: Honorable Clyde Alexander, Chair, House Committee on Transportation FROM: John Keel, Director, Legislative Budget Board IN RE: SJR16 by Shapiro (Proposing a constitutional amendment creating the Texas Mobility Fund and authorizing the issuance of obligations for financing the construction, reconstruction, acquisition, and expansion of state highways and other mobility projects.), 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 amend the Texas Constitution to create the Texas Mobility Fund as a revolving fund with the Comptroller for specific purposes. The resolution would authorize the Legislature to dedicate specific sources, portions, or amounts of revenue, including taxes, and other money of the state to the fund. The resolution would authorize the dedication of the portion of revenue received from motor vehicle registration fees and taxes on motor fuels and lubricants that result from cost payments from other state funds to which those revenues are dedicated. The resolution would require the deposit of dedicated revenues into the fund upon receipt by the state and would appropriate the funds for use under law without further appropriation from the state. The resolution would also establish certain procedures and requirements for the reduction or repeal of dedicated funds pledged to the payment of outstanding obligations or related credit agreements. The resolution would allow the Legislature to enact law authorizing the Transportation Commission to guarantee the payment of any obligations and credit agreements issued and executed by the commission by pledging the full faith and credit of the state to that payment if dedicated revenue is insufficient for that purpose. The proposed constitutional amendment would take effect if approved by voters on November 6, 2001. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: 352 Texas Bond Review Board, 307 Secretary of State, 302 Office of the Attorney General LBB Staff: JK, SD, RB, MW