By:  Pickett, Hamric, Krusee, Gutierrez,                        H.J.R. No. 28 
 
    Menendez                                                                 


A JOINT RESOLUTION

proposing a constitutional amendment providing for authorization 
of  the issuing of notes or the borrowing of money on a short-term 
basis by a state transportation agency for transportation-related 
projects.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:                       
	SECTION 1.  Article III, Texas Constitution, is amended by 
adding Section 49-m to read as follows:
	Sec. 49-m.  (a)  The legislature, by law, may authorize the 
Texas Transportation Commission or its successor to authorize the 
Texas Department of Transportation or its successor to issue notes 
or borrow money from any source to carry out the functions of the 
department.
	(b)  Notes issued or a loan obtained under this section may 
not have a term of more than two years.  The legislature may 
appropriate money dedicated by Sections 7-a and 7-b, Article VIII, 
of this constitution for the purpose of paying a debt created by the 
notes or loan.
	SECTION 2.  This proposed constitutional amendment shall be 
submitted to the voters at an election to be held November 4, 2003.  
The ballot shall be printed to permit voting for or against the 
proposition: "The constitutional amendment providing for 
authorization of the issuing of notes or the borrowing of money on a 
short-term basis by a state transportation agency for 
transportation-related projects."