H.J.R. No. 28
A JOINT RESOLUTION
proposing a constitutional amendment providing for authorization
of the borrowing of money on a short-term basis by a state
transportation agency for transportation-related projects, and the
issuance of bonds and other public securities secured by the state
highway fund.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Sections 49-m and 49-n 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.
Sec. 49-n. (a) To fund highway improvement projects, the
legislature may 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.
(b) 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:
(1) the principal of and interest on the bonds or other
public securities that mature or become due during the fiscal year;
and
(2) any cost related to the bonds and other public
securities, including payments under bond enhancement agreements,
that becomes due during that fiscal year.
(c) Any dedication or appropriation of revenue to the credit
of the state highway fund may not be 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. This proposed constitutional amendment shall be
submitted to the voters at an election to be held September 13,
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, and the issuance of bonds and
other public securities secured by the state highway fund."
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.J.R. No. 28 was passed by the House on April
29, 2003, by the following vote: Yeas 141, Nays 0, 1 present, not
voting; that the House refused to concur in Senate amendments to
H.J.R. No. 28 on May 29, 2003, by a non-record vote, and requested
the appointment of a conference committee to consider the
differences between the two houses; and that the House adopted the
conference committee report on H.J.R. No. 28 on June 1, 2003, by the
following vote: Yeas 143, Nays 0, 2 present, not voting.
______________________________
Chief Clerk of the House
I certify that H.J.R. No. 28 was passed by the Senate, with
amendments, on May 28, 2003, by the following vote: Yeas 31, Nays
0; at the request of the House, the Senate appointed a conference
committee to consider the differences between the two houses; and
that the Senate adopted the conference committee report on H.J.R.
No. 28 on June 1, 2003, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
RECEIVED: __________________
Date
__________________
Secretary of State