78R2568 JJT-D

By:  Shapiro                                                      S.B. No. 955



A BILL TO BE ENTITLED

AN ACT

relating to the Texas Mobility Fund.                                          
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 201.943(a), Transportation Code, is 
amended to read as follows:
	(a)  Subject to Subsections (e), (f), and (g), the commission 
by order or resolution may issue obligations in the name and on 
behalf of the state and the department and may enter into credit 
agreements related to the obligations.  The obligations may be 
issued in multiple series and issues from time to time in an 
aggregate amount not exceeding the maximum obligation amount.  The 
obligations may be issued on and may have the terms and provisions 
the commission determines appropriate and in the interests of the 
state.  The obligations may be issued as long-term obligations, 
short-term obligations, or both.  The latest scheduled maturity 
date of an issue or series of obligations may not be later than the 
earlier of:
		(1)  the date, as determined by the commission, on 
which 90 percent of the period of the expected useful life of the 
projects to be financed with the obligations will, without material 
repair of the projects, have elapsed; or
		(2)  the 30th anniversary of the date of issuance of the 
issue or series of obligations [exceed 30 years].
	SECTION 2.  Section 201.945, Transportation Code, is amended 
to read as follows:
	Sec. 201.945.  DEDICATION OF REVENUE TO FUND.  (a) Annually, 
as soon as possible after the beginning of each fiscal year, the 
comptroller shall deposit to the credit of the fund a total of $100 
million in state revenue coming into the state treasury from any 
source that is not otherwise dedicated by the Texas Constitution or 
other law.  Amounts deposited to the credit of the fund under this 
subsection are in addition to amounts required to be deposited to 
the credit of the fund under:
		(1)  Section 49-k(d), Article III, Texas Constitution; 
or            
		(2)  any other law other than this subsection.                         
	(b)  Annually, the revenue of the state that is dedicated or 
appropriated to the fund pursuant to Section 49-k(e), Article III, 
Texas Constitution, shall be deposited to the fund in accordance 
with Section 49-k(f), Article III, Texas Constitution.
	SECTION 3.  This Act takes effect September 1, 2003.