78R3269 DWS-F

By:  Pickett                                                    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.
	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 borrow money 
from the state treasury or any other source to carry out the 
functions of the department.
	(b)  A loan under this section may not have a term of more 
than five years. A debt created by the loan is not a general 
obligation of the state and is payable only as authorized by 
legislative appropriation.  The legislature may appropriate money 
dedicated by Sections 7–a and 7–b, Article VIII, of this 
constitution for that purpose.
	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 borrowing of money on a short-term basis by a 
state transportation agency for transportation-related projects."