| TO: | Honorable Larry Phillips, Chair, House Committee on Transportation |
| FROM: | John S O'Brien, Director, Legislative Budget Board |
| IN RE: | HB2802 by Pickett (Relating to the use of the Texas Mobility Fund.), As Introduced |
The bill would amend Section 201.946 of the Transportation Code, relating to the use of money in the Texas Mobility Fund, to authorize the use of money in the fund, other than bond proceeds held in the fund, for the repayment of principal and interest on short-term notes and loan obligations issued by the Texas Transportation Commission under the authority of Section 49-m, Article III, Texas Constitution, and on bonds and other public securities issued under the authority of Section 49-n, Article III, Texas Constitution, as proposed by House Joint Resolution 28, Acts of the 78th Legislature, Regular Session, 2003 (Proposition 14 Bonds).
The Department of Transportation indicates that Section 49-k, Article III, of the Texas Constitution does not appear to authorize the use of money in the Texas Mobility Fund to pay for obligations not authorized by the aforementioned constitutional provision.
Based on the analysis of the Department of Transportation, it is assumed that provisions of the bill would not result in a significant fiscal impact to the Texas Mobility Fund.
| Source Agencies: | 304 Comptroller of Public Accounts, 601 Department of Transportation
|
| LBB Staff: | JOB, KJG, MW, TG, CWS
|