82R11698 KLA-D
 
  By: Ogden S.J.R. No. 30
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment dedicating certain revenue
  derived from any increases in taxes on motor fuel to the repayment
  of certain transportation-related state debt.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article VIII, Texas Constitution, is amended by
  adding Section 7-c to read as follows:
         Sec. 7-c.  Notwithstanding Section 7-a of this article, the
  net revenue derived from the portions of the rates of the taxes
  imposed on gasoline and diesel fuel used to propel motor vehicles
  over public roadways that exceed the rates of the taxes imposed on
  January 1, 2011, but not to exceed a portion of the rates equal to
  five cents, for each net gallon or fractional part on which the
  taxes are imposed, shall be allocated to a separate account in the
  state highway fund. Interest earned on the account shall be
  credited to the account. Revenue allocated to the account in the
  state highway fund under this section and interest on the revenue
  may be appropriated only to repay the principal of and interest on:
               (1)  notes issued and loans obtained as authorized by
  Section 49-m, Article III, of this constitution; and
               (2)  bonds and other public securities issued, and bond
  enhancement agreements entered into, as authorized by Section 49-n,
  Article III, of this constitution, as added by H.J.R. 28, Acts of
  the 78th Legislature, Regular Session, 2003.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 8, 2011.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment dedicating certain
  revenue derived from future increases in gasoline and diesel fuel
  taxes, if any, to the repayment of certain existing and future
  transportation-related state debt."