Honorable Talmadge Heflin, Chair, House Committee on Appropriations
John Keel, Director, Legislative Budget Board
HB471 by Pickett (Relating to the borrowing of money by the Texas Department of Transportation. ), Committee Report 1st House, As Amended
The bill would amend the Transportation Code to allow the Texas Transportation Commission to authorize the Texas Department of Transportation (TxDOT) to borrow money from the State Treasury or any other source to carry out the functions of the agency. The bill would establish guidelines and restrictions regarding loan amounts and contracts made by TxDOT under the provisions of the bill. The bill would authorize the Comptroller's Office to contract with TxDOT for a loan of money in the State Treasury apart from money in the State Highway Fund and funds dedicated to a specific purpose. The bill would limit the term of a loan to a maximum of two years; require that a loan could not create a general obligation of the state; allow a loan to be payable from the State Treasury as authorized by legislative appropriation; and allow money in the State Highway Fund to be used for loan repayments if appropriated by the Legislature for that purpose.
The bill would take effect on the date on which the constitutional amendment, HJR 28, proposed by the 78th Legislature, Regular Session 2003, would take effect. If that amendment does not receive approval by the voters, the bill would have no effect.
304 Comptroller Of Public Accounts, 601 Department Of Transportation
JK, JO, SD, MW