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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to permit the Texas Transportation Commission, subject to |
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legislative review and approval, to designate the area adjacent to |
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a state highway project as a transportation finance zone and |
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dedicating the proceeds of the state sales and use taxes imposed in |
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a transportation finance zone to the Texas Mobility Fund for |
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certain purposes. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-k, Article III, Texas Constitution, |
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is amended by adding Subsection (e-1) to read as follows: |
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(e-1) The legislature by general law may authorize the |
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commission by rule to designate as a transportation finance zone |
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the area that is adjacent to the right-of-way of an existing or |
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proposed state highway and within two miles on either side of the |
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center line of the state highway, if in connection with |
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construction, reconstruction, or expansion of the state highway, |
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including design and right-of-way acquisition costs, the |
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commission has or proposes to issue and sell obligations or enter |
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into credit agreements under Subsection (d) of this section. The |
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designation of an area as a transportation finance zone must be |
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reviewed and approved by the legislature before the designation may |
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take effect. In addition to other sources of revenue, there is |
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dedicated to the fund the proceeds of a tax that is established by |
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general law and imposed on the first sale of a taxable item in this |
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state or on the first storage, use, or other consumption in this |
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state of a taxable item purchased from a retailer for storage, use, |
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or other consumption in this state, if the first sale or first use |
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is consummated within the boundaries of a transportation finance |
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zone. Except as provided by this subsection, all proceeds from the |
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taxes to which this subsection applies that are collected within |
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the boundaries of a transportation finance zone shall be deposited |
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to the credit of a separate account in the fund. Money collected |
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within the boundaries of a transportation finance zone and |
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deposited to the credit of the fund under this subsection may be |
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used only for the purpose of paying the principal of and interest on |
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obligations issued under Subsection (d) of this section or a |
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related credit agreement entered into under that subsection in |
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connection with the state highway that is located in that |
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transportation finance zone. In any state fiscal year the |
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comptroller of public accounts may not credit more than $250 |
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million to the credit of the fund under this subsection. The |
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commission and the comptroller of public accounts may adopt rules |
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and procedures to implement and administer this subsection. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 6, 2007. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to permit the Texas Transportation Commission, subject |
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to legislative review and approval, to designate the area adjacent |
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to a state highway project as a transportation finance zone and |
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dedicating the proceeds of the state sales and use taxes imposed in |
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a transportation finance zone to the Texas Mobility Fund for |
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certain purposes." |