Bill Text: TX HJR139 | 2013-2014 | 83rd Legislature | Introduced


Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-03-19 - Referred to Appropriations [HJR139 Detail]

Download: Texas-2013-HJR139-Introduced.html
 
 
  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."
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