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By:  Ogden, Lucio                                               S.J.R. No. 44 



SENATE JOINT RESOLUTION

proposing a constitutional amendment authorizing the legislature 
to provide for the issuance of bonds and other public securities 
secured by the state highway fund 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 highway improvement projects, the 
legislature may authorize the Texas Transportation Commission or 
its successor to issue bonds and other public securities and enter 
into bond enhancement agreements that are payable from revenue 
deposited to the credit of the state highway fund.  The total amount 
of bonds and other public securities authorized by this section may 
not exceed $5 billion.
	(b)  In each fiscal year in which amounts become due under 
the bonds, other public securities, or agreements authorized by 
this section, there is appropriated from the revenue 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 or other 
public securities that mature or become due during the fiscal year; 
and
		(2)  any cost related to the bonds and other public 
securities, including payments under bond enhancement agreements, 
that becomes due during that fiscal year.
	(c)  Any dedication or appropriation of revenue to the credit 
of the state highway fund may not be modified so as to impair any 
outstanding bonds or other public securities secured by a pledge of 
that revenue unless provisions have been made for a full discharge 
of those securities.
	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 up to $5 billion of bonds 
and other public securities secured by the state highway fund for 
improvements to the state highway system."