Texas 2009 - 81st Regular

Texas Senate Bill SJR18 Compare Versions

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Old	New	Differences
1	1	By: Ogden S.J.R. No. 18
2	2
3	3
4	4	SENATE JOINT RESOLUTION
5	5	proposing a constitutional amendment authorizing the legislature
6	6	to permit the Texas Transportation Commission, subject to
7	7	legislative review and approval, to designate the area adjacent to
8	8	a state highway project as a transportation finance zone and
9	9	dedicating the proceeds of the state sales and use taxes imposed in
10	10	a transportation finance zone to the Texas Mobility Fund for
11	11	certain purposes.
12	12	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	13	SECTION 1. Section 49-k, Article III, Texas Constitution,
14	14	is amended by adding Subsection (e-1) and amending Subsection (g)
15	15	to read as follows:
16	16	(e-1) The legislature by general law may authorize the
17	17	commission to designate as a transportation finance zone an area
18	18	defined by the general law that is adjacent to the right-of-way of
19	19	an existing or proposed state highway, if in connection with
20	20	construction, reconstruction, or expansion of the state highway,
21	21	including design and right-of-way acquisition costs, the
22	22	commission has issued and sold obligations or entered into credit
23	23	agreements under Subsection (d) of this section or proposes to
24	24	issue and sell obligations or enter into credit agreements under
25	25	Subsection (d) of this section. The designation of an area as a
26	26	transportation finance zone must be reviewed and approved by the
27	27	entity designated by the legislature in the general law before the
28	28	designation may take effect. In addition to other sources of
29	29	revenue, there is dedicated to the fund the proceeds of a state tax
30	30	that is established by general law and imposed on the sale of a
31	31	taxable item in this state or on the storage, use, or other
32	32	consumption in this state of a taxable item purchased from a
33	33	retailer for storage, use, or other consumption in this state, if
34	34	the sale or use is consummated within the boundaries of a
35	35	transportation finance zone. All proceeds from the taxes to which
36	36	this subsection applies that are collected within the boundaries of
37	37	a transportation finance zone may be deposited to the credit of a
38	38	separate account in the fund. Money collected within the
39	39	boundaries of a transportation finance zone and deposited to the
40	40	credit of the fund under this subsection may be used only for the
41	41	purpose of paying the principal of and interest on obligations
42	42	issued under Subsection (d) of this section or a related credit
43	43	agreement entered into under that subsection in connection with the
44	44	state highway that is located in that transportation finance zone.
45	45	The legislature may limit the amount of money the comptroller may
46	46	deposit to the credit of the fund in any state fiscal year under
47	47	this subsection.
48	48	(g) In addition to the dedication of specified sources or
49	49	amounts of revenue, taxes, or money as provided by Subsections
50	50	[Subsection] (e) and (e-1) of this section, the legislature may by
51	51	law authorize the commission to guarantee the payment of any
52	52	obligations and credit agreements issued and executed by the
53	53	commission under the authority of this section by pledging the full
54	54	faith and credit of the state to that payment if dedicated revenue
55	55	is insufficient for that purpose. If that authority is granted and
56	56	is implemented by the commission, while any of the bonds, notes,
57	57	other obligations, or credit agreements are outstanding and unpaid,
58	58	and for any fiscal year during which the dedicated revenue, taxes,
59	59	and money are insufficient to make all payments when due, there is
60	60	appropriated, and there shall be deposited in the fund, out of the
61	61	first money coming into the state treasury in each fiscal year that
62	62	is not otherwise appropriated by this constitution, an amount that
63	63	is sufficient to pay the principal of the obligations and
64	64	agreements and the interest on the obligations and agreements that
65	65	become due during that fiscal year, minus any amount in the fund
66	66	that is available for that payment in accordance with applicable
67	67	law.
68	68	SECTION 2. This proposed constitutional amendment shall be
69	69	submitted to the voters at an election to be held November 3, 2009.
70	70	The ballot shall be printed to permit voting for or against the
71	71	proposition: "The constitutional amendment authorizing the
72	72	legislature to permit the Texas Transportation Commission, subject
73	73	to legislative review and approval, to designate the area adjacent
74	74	to a state highway project as a transportation finance zone and
75	75	dedicating the proceeds of the state sales and use taxes imposed in
76	76	a transportation finance zone to the Texas Mobility Fund for
77	77	certain purposes."