78R1757 DWS-D

By:  Lucio                                                      S.J.R. No. 21 



A JOINT RESOLUTION

proposing a constitutional amendment authorizing the legislature 
to provide for the issuance of bonds for improvements to the state 
highway system.
	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)  To fund improvements to the state highway 
system the legislature may authorize the Texas Transportation 
Commission or its successor to issue bonds and enter into bond 
enhancement agreements that are payable from:
		(1)  revenue received or to be received from the 
federal highway trust fund;
		(2)  other revenue deposited to the credit of the state 
highway fund; or
		(3)  a combination of those sources.                                   
	(b)  While the principal of any of the bonds authorized by 
this section or interest on those bonds is outstanding, there is 
appropriated in each fiscal year from the revenue received from the 
federal highway trust fund and other revenues 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 that 
mature or become due during the fiscal year; and
		(2)  any cost related to the bonds, including payments 
under bond enhancement agreements, eligible for reimbursement 
under federal law that becomes due during that fiscal year.
	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 authorizing the 
legislature to provide for the issuance of bonds for improvements 
to the state highway system."