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SENATE JOINT RESOLUTION
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proposing a constitutional amendment providing for the issuance of |
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general obligation bonds by the Texas Transportation Commission to |
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provide funding for highway improvement projects. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-p to read as follows: |
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Sec. 49-p. (a) To provide funding for highway improvement |
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projects, the legislature by general law may authorize the Texas |
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Transportation Commission or its successor to issue general |
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obligation bonds of the State of Texas in an aggregate amount not to |
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exceed $5 billion and enter into related credit agreements. The |
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bonds shall be executed in the form, on the terms, and in the |
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denominations, bear interest, and be issued in installments as |
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prescribed by the Texas Transportation Commission or its successor. |
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(b) A portion of the proceeds from the sale of the bonds and |
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a portion of the interest earned on the bonds may be used to pay: |
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(1) the costs of administering projects authorized |
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under this section; |
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(2) the cost or expense of the issuance of the bonds; |
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and |
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(3) all or part of a payment owed or to be owed under a |
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credit agreement. |
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(c) The bonds authorized under this section constitute a |
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general obligation of the state. While any of the bonds or interest |
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on the bonds is outstanding and unpaid, there is appropriated out of |
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the first money coming into the treasury each fiscal year, not |
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otherwise appropriated by this constitution, an amount sufficient |
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to pay the principal of and interest on the bonds that mature or |
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become due during the fiscal year, including an amount sufficient |
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to make payments under a related credit agreement. |
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(d) Bonds issued under this section, after approval by the |
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attorney general, registration by the comptroller of public |
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accounts, and delivery to the purchasers, are incontestable and are |
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general obligations of the State of Texas under this constitution. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 6, 2007. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment providing for the |
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issuance of general obligation bonds by the Texas Transportation |
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Commission in an amount not to exceed $5 billion to provide funding |
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for highway improvement projects." |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.J.R. No. 64 was adopted by the Senate |
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on May 1, 2007, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.J.R. No. 64 was adopted by the House |
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on May 22, 2007, by the following vote: Yeas 143, Nays 0, one |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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