SRC-LBB S.J.R. 44 78(R)   BILL ANALYSIS


Senate Research Center   S.J.R. 44
By: Ogden
Infrastructure Development and Security
3/21/2003
As Filed


DIGEST AND PURPOSE 

As proposed, S.J.R. 44 proposes a constitutional amendment authorizing the
legislature to provide for the issuance of bonds secured by the state
highway fund for highway improvement projects.  This resolution prohibits
the total amount of the bonds authorized from exceeding $5 billion
dollars. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Article III, Texas Constitution, by adding Section
49-m, as follows: 

Sec. 49-m.  (a)  Authorizes the legislature to authorize the Texas
Transportation Commission or its successor to issue bonds and other public
securities and enter into bond enhancement agreements that are payable
from revenue deposited to the credit of the state highway fund, to fund
highway improvement projects.  Prohibits the total amount of bonds and
other public securities authorized by this section from exceeding $5
billion. 

(b)  Provides that in each fiscal year in which amounts become due under
the bonds, other public securities, or agreements authorized by this
section, there is appropriated from the revenue deposited to the credit of
the state highway fund in that fiscal year an amount that is sufficient to
pay the principal of and interest on the bonds or other public securities
that mature or become due during the fiscal year and any cost related to
the bonds and other public securities, including payments under bond
enhancement agreements, that becomes due during that fiscal year. 

(c)  Prohibits any dedication or appropriation of revenue to the credit of
the state highway fund from being modified so as to impair any outstanding
bonds or other public securities secured by a pledge of that revenue
unless provisions have been made for a full discharge of those securities. 

SECTION 2.  Requires  this proposed constitutional amendment to be
submitted to the voters at an election to be held November 4, 2003.
Requires the ballot to be printed to permit voting for or against the
proposition:  "The constitutional amendment authorizing the legislature to
provide for the issuance of bonds and other public securities secured by
the state highway fund for improvements to the state highway system."