By: Callegari H.J.R. No. 139
A JOINT RESOLUTION
proposing a constitutional amendment providing for the issuance of
general obligation bonds by the Texas Transportation Commission to
provide funding for state highways, publicly owned toll roads, and
other publicly owned transportation projects.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-q to read as follows:
Sec. 49-q. (a) To provide funding for state highways,
publicly owned toll roads, and other publicly owned transportation
projects, the legislature by general law may authorize the Texas
Transportation Commission or its successor to issue general
obligation bonds of the State of Texas in an aggregate amount not to
exceed $3 billion and enter into related credit agreements. 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 Texas Transportation Commission or its successor.
(b) A portion of the proceeds from the sale of the bonds and
a portion of the interest earned on the bonds may be used to pay:
(1) the costs of administering projects authorized
under this section;
(2) the cost or expense of the issuance of the bonds;
(3) refunding bonds and related credit agreements
authorized by this section; and
(4) all or part of a payment owed or to be owed under a
credit agreement.
(c) The bonds authorized under this section constitute a
general obligation of the state. While any of the bonds or interest
on the bonds is outstanding and unpaid, there is appropriated out of
the first money coming into the treasury each fiscal year, not
otherwise appropriated by this constitution, an amount sufficient
to pay the principal of and interest on the bonds that mature or
become due during the fiscal year, including an amount sufficient
to make payments under a related credit agreement.
(d) The proceeds from the issuance and sale of the bonds,
and the interest earned on the bonds, are appropriated when
received by the state, and may be used as provided by this section
and law enacted under this section without further appropriation.
(e) Bonds issued under this section, after approval by the
attorney general, registration by the comptroller of public
accounts, and delivery to the purchasers, are incontestable and are
general obligations of the State of Texas under this constitution.
(f) In this section, "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.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2013.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment 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."