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Amend HB 3314 by adding the following sections:                              
	SECTION __.  Subchapter A, Chapter 222, Transportation Code, 
is amended by adding Section 222.004 to read as follows:
	Sec. 222.004.  ISSUANCE OF GENERAL OBLIGATION BONDS FOR 
HIGHWAY IMPROVEMENT PROJECTS.  (a)  The commission may issue 
general obligation bonds to fund state highway improvement 
projects.
	(b)  The aggregate principal amount of the bonds that are 
issued may not exceed $5 billion.
	(c)  The proceeds of bonds issued under this section may not 
be used for any purpose other than the payment of any costs related 
to the bonds and the purposes for which revenues are dedicated under 
Section 7-a, Article VIII, Texas Constitution.
	(d)  The commission may enter into credit agreements, as 
defined by Chapter 1371, Government Code, relating to the bonds 
authorized by this section.  The agreements may be secured by and 
payable from the same sources as the bonds.
	(e)  All laws affecting the issuance of bonds and other 
public securities by governmental entities, including Chapters 
1201, 1202, 1204, 1207, 1231, and 1371, Government Code, apply to 
the issuing of bonds and the entering into of credit agreements 
under this section.
	(f)  The proceeds of bonds issued under this section may be 
used to:  
		(1)  finance other funds relating to the bonds, 
including debt service reserve and contingency; and
		(2)  pay the cost or expense of the issuance of the 
bonds.           
	(g)  Bonds issued under this section may be sold in such 
manner and subject to such terms and provisions as set forth in the 
order authorizing their issuance, and such bonds must mature not 
later than 30 years after their dates of issuance, subject to any 
refundings or renewals.
	(h)  The comptroller shall pay the principal of the bonds as 
they mature and the interest as it becomes payable, and shall pay 
any cost related to the bonds that become due, including payments 
under credit agreements.
	SECTION __.  Section 222.004, Transportation Code, as added 
by this Act, takes effect on the date on which the constitutional 
amendment proposed by S.J.R. No. 64, 80th Legislature, Regular 
Session, 2007, takes effect.  If that amendment is not approved by 
the voters, that section does not take effect.