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78R3269 DWS-F
By: Lucio S.J.R. No. 34
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."