By: Callegari H.B. No. 3363
  relating to the issuance of general obligation bonds by the Texas
  Transportation Commission to fund state highways, publicly owned
  toll roads, and other publicly owned transportation projects.
         SECTION 1.   Subchapter A, Chapter 222, Transportation Code,
  is amended by adding Section 222.007 to read as follows:
         Sec. 222.007.  CENTURY BONDS.  (a) In this section:
               (1)  "Bonds" means bonds, notes, and other public
               (2)  "Credit agreement" has the meaning assigned by
  Section 1371.001, Government Code.
               (3)  "Transportation project" means the construction
  or provision of a tolled or nontolled project, the primary purpose
  of which is to preserve or facilitate the movement of people or
  goods by any mode of transportation. The term includes buildings,
  structures, parking areas, appurtenances, rights-of-way, rolling
  stock, and other property needed for the project, but does not
  include a project that is primarily for recreational purposes such
  as a hiking trail or off-road vehicle trail.
         (b)  The commission by order or resolution may issue general
  obligation bonds for the purposes provided in this section. The
  aggregate principal amount of the bonds that are issued may not
  exceed the amount specified by Section 49-q(a), Article III, Texas
         (c)  The commission may enter into credit agreements
  relating to the bonds. A credit agreement entered into under this
  section may be secured by and payable from the same sources as the
         (d)  The bonds shall be executed in the form, on the terms,
  and in the denominations, bear interest, and be issued in
  installments as prescribed by the commission, and must mature not
  later than 100 years after their dates of issuance, subject to any
  refundings or renewals. The bonds may be issued in multiple series
  and issues from time to time and may have the provisions the
  commission determines appropriate and in the interest of the state.
         (e)  The commission has all powers necessary or appropriate
  to carry out this section and to implement Section 49-q, Article
  III, Texas Constitution, including the powers granted to other
  bond-issuing governmental agencies and units and to nonprofit
  corporations by Chapters 1201, 1207, and 1371, Government Code.
         (f)  The bonds and the record of proceedings authorizing the
  bonds and any related credit agreements shall be submitted to the
  attorney general for approval as to their legality. If the attorney
  general finds that they will be issued in accordance with this
  section and other applicable law, the attorney general shall
  approve them and deliver them to the comptroller for registration.
  After approval by the attorney general, registration by the
  comptroller, and payment by the purchasers of the bonds in
  accordance with the terms of sale and after execution and delivery
  of the related credit agreements, the bonds and related credit
  agreements are incontestable for any cause.
         (g)  Bonds may be issued for one or more of the following
               (1)  to pay all or part of the costs of constructing,
  reconstructing, acquiring, and expanding state highways, including
  any necessary design and acquisition of rights-of-way;
               (2)  to provide participation by the state in the
  payment of part of the costs of constructing and providing publicly
  owned toll roads and other publicly owned transportation projects;
               (3)  to pay:
                     (A)  the costs of administering projects
  authorized under this section;
                     (B)  the cost or expense of the issuance of the
                     (C)  refunding bonds and related credit
  agreements authorized by this section; or
                     (D)  all or part of a payment owed or to be owed
  under a credit agreement.
         (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 becomes due, including payments
  under credit agreements.
         SECTION 2.  This Act takes effect on the date on which the
  constitutional amendment proposed by the 83rd Legislature, Regular
  Session, 2013, providing for the issuance of general obligation
  bonds by the Texas Transportation Commission in an amount not to
  exceed $3 billion to provide funding for state highways, publicly
  owned toll roads, and other publicly owned transportation projects,
  takes effect. If that amendment is not approved by the voters, this
  Act has no effect.