TO: | Honorable Steve Ogden, Chair, Senate Committee on Infrastructure Development and Security |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | SB410 by Lucio (Relating to the financing and construction of highways.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2004 | $0 |
2005 | $0 |
2006 | $0 |
2007 | $0 |
2008 | $0 |
Fiscal Year | Probable Revenue Gain/(Loss) fromSTATE HIGHWAY FUND 6 |
Probable Savings/(Cost) fromSTATE HIGHWAY FUND 6 |
Probable Savings/(Cost) fromFEDERAL FUNDS 555 |
---|---|---|---|
2004 | $2,011,312,500 | ($1,005,656,250) | ($237,717,388) |
2005 | $0 | ($1,005,656,250) | ($237,715,125) |
2006 | $0 | $0 | ($237,711,475) |
2007 | $0 | $0 | ($237,712,575) |
2008 | $0 | $0 | ($237,715,175) |
The bill is contingent on the passage and voter approval of Senate Joint Resolution (SJR) 21, or similar legislation which proposes a constitutional amendment authorizing the Texas Transportation Commission (TTC) to issue bonds and enter into bond enhancement agreements, including Grant Anticipation Revenue Bonds, to fund improvements to the state highway system. The bill would require that bonds issued may not have a principal amount, or terms, at the time of issuance with obligation expenditures in excess of ten percent of the federal highway obligation authority the state anticipates it will receive during any year in which payments would be made on the obligations. The bill would require the TTC to obtain approval from the Bond Review Board prior to issuing.
The bill would take effect on the date on which the constitutional amendment proposed by the 78th Legislature, Regular Session, authorizing the issuance of bonds for improvements to the state highway system would take effect. If that amendment does not receive approval by the voters, this bill would have no effect.
Source Agencies: | 304 Comptroller of Public Accounts, 352 Bond Review Board, 601 Department of Transportation
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LBB Staff: | JK, JO, RR, RT, MW
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