This website will be unavailable from Thursday, May 30, 2024 at 6:00 p.m. through Monday, June 3, 2024 at 7:00 a.m. due to data center maintenance.
78R8402 ESH-D
By: Ogden S.J.R. No. 43
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the Texas
Department of Transportation to borrow money from the permanent
school fund to finance the acquisition of rights-of-way.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article VII, Texas Constitution, is amended by
adding Section 5a to read as follows:
Sec. 5a. (a) The legislature by general law may authorize
the State Board of Education to make loans from the permanent school
fund for the purpose of acquiring rights-of-way for development of
the state highway system.
(b) A general law enacted under this section may set the
interest rate to be paid on a loan under this section, provided that
the interest rate may not be less than the average rate of return
for the preceding five state fiscal years on all permanent school
fund investments other than a loan under this section.
(c) The total principal amount of loans under this section
outstanding at any one time may not exceed $1 billion.
(d) Any loan under this section must be guaranteed by the
first money received under Section 7-a, Article VIII, of this
constitution.
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 allowing the State
Board of Education to make loans from the permanent school fund to
the State of Texas to be used for the acquisition of rights-of-way
for the state highway system, with a limitation of $1 billion on the
total principal outstanding at any one time and a guaranteed
payment of interest at a rate at least equal to the average rate of
return on other permanent school fund investments."