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A JOINT RESOLUTION
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proposing a constitutional amendment dedicating certain revenue |
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derived from any increases in taxes on motor fuel to the repayment |
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of certain transportation-related state debt. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 7-c to read as follows: |
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Sec. 7-c. Notwithstanding Section 7-a of this article, the |
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net revenue derived from the portions of the rates of the taxes |
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imposed on gasoline and diesel fuel used to propel motor vehicles |
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over public roadways that exceed the rates of the taxes imposed on |
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January 1, 2011, but not to exceed a portion of the rates equal to |
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five cents, for each net gallon or fractional part on which the |
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taxes are imposed, shall be allocated to a separate account in the |
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state highway fund. Interest earned on the account shall be |
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credited to the account. Revenue allocated to the account in the |
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state highway fund under this section and interest on the revenue |
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may be appropriated only to repay the principal of and interest on: |
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(1) notes issued and loans obtained as authorized by |
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Section 49-m, Article III, of this constitution; and |
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(2) bonds and other public securities issued, and bond |
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enhancement agreements entered into, as authorized by Section 49-n, |
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Article III, of this constitution, as added by H.J.R. 28, Acts of |
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the 78th Legislature, Regular Session, 2003. |
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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 8, 2011. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment dedicating certain |
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revenue derived from future increases in gasoline and diesel fuel |
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taxes, if any, to the repayment of certain existing and future |
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transportation-related state debt." |