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 1-1                           SENATE JOINT RESOLUTION
 1-2     proposing a constitutional amendment creating the Texas Mobility
 1-3     Fund and authorizing grants and loans of money and issuance of
 1-4     obligations for financing the construction, reconstruction,
 1-5     acquisition, operation, and expansion of state highways, turnpikes,
 1-6     toll roads, toll bridges, and other mobility projects.
 1-8           SECTION 1.  Article III, Texas Constitution, is amended by
 1-9     adding Section 49-k to read as follows:
1-10           Sec. 49-k.  (a)  In this section:
1-11                 (1)  "Commission" means the Texas Transportation
1-12     Commission or its successor.
1-13                 (2)  "Comptroller" means the comptroller of public
1-14     accounts of the State of Texas.
1-15                 (3)  "Department" means the Texas Department of
1-16     Transportation or its successor.
1-17                 (4)  "Fund" means the Texas Mobility Fund.
1-18                 (5)  "Obligations" means bonds, notes, and other public
1-19     securities.
1-20           (b)  The Texas Mobility Fund is created in the state treasury
1-21     and shall be administered by the commission as a revolving fund to
1-22     provide a method of financing the construction, reconstruction,
1-23     acquisition, and expansion of state highways, including costs of
1-24     any necessary design and costs of acquisition of rights-of-way, as
1-25     determined by the commission in accordance with standards and
 2-1     procedures established by law.
 2-2           (c)  Money in the fund may also be used to provide
 2-3     participation by the state in the payment of a portion of the costs
 2-4     of constructing and providing publicly owned toll roads and other
 2-5     public transportation projects in accordance with the procedures,
 2-6     standards, and limitations established by law.
 2-7           (d)  The commission may issue and sell obligations of the
 2-8     state and enter into related credit agreements that are payable
 2-9     from and secured by a pledge of and a lien on all or part of the
2-10     money on deposit in the fund in an aggregate principal amount that
2-11     can be repaid when due from money on deposit in the fund, as that
2-12     aggregate amount is projected by the comptroller in accordance with
2-13     procedures established by law.  The proceeds of the obligations
2-14     must be deposited in the fund and used for one or more specific
2-15     purposes authorized by law, including:
2-16                 (1)  refunding obligations and related credit
2-17     agreements authorized by this section;
2-18                 (2)  creating reserves for payment of the obligations
2-19     and related credit agreements;
2-20                 (3)  paying the costs of issuance; and
2-21                 (4)  paying interest on the obligations and related
2-22     credit agreements for a period not longer than the maximum period
2-23     established by law.
2-24           (e)  The legislature by law may dedicate to the fund one or
2-25     more specific sources or portions, or a specific amount, of the
2-26     revenue, including taxes, and other money of the state that are not
 3-1     otherwise dedicated by this constitution.  The legislature may not
 3-2     dedicate money from the collection of motor vehicle registration
 3-3     fees and taxes on motor fuels and lubricants dedicated by Section
 3-4     7-a, Article VIII, of this constitution, but it may dedicate money
 3-5     received from other sources that are allocated to the same costs as
 3-6     those dedicated taxes and fees.
 3-7           (f)  Money dedicated as provided by this section is
 3-8     appropriated when received by the state, shall be deposited in the
 3-9     fund, and may be used as provided by this section and law enacted
3-10     under this section without further appropriation.  While money in
3-11     the fund is pledged to the payment of any outstanding obligations
3-12     or related credit agreements, the dedication of a specific source
3-13     or portion of revenue, taxes, or other money made as provided by
3-14     this section may not be reduced, rescinded, or repealed unless:
3-15                 (1)  the legislature by law dedicates a substitute or
3-16     different source that is projected by the comptroller to be of a
3-17     value equal to or greater than the source or amount being reduced,
3-18     rescinded, or repealed and authorizes the commission to implement
3-19     the authority granted by Subsection (g) of this section; and
3-20                 (2)  the commission implements the authority granted by
3-21     the legislature pursuant to Subsection (g) of this section.
3-22           (g)  In addition to the dedication of specified sources or
3-23     amounts of revenue, taxes, or money as provided by Subsection (e)
3-24     of this section, the legislature may by law authorize the
3-25     commission to guarantee the payment of any obligations and credit
3-26     agreements issued and executed by the commission under the
 4-1     authority of this section by pledging the full faith and credit of
 4-2     the state to that payment if dedicated revenue is insufficient for
 4-3     that purpose.  If that authority is granted and is implemented by
 4-4     the commission, while any of the bonds, notes, other obligations,
 4-5     or credit agreements are outstanding and unpaid, and for any fiscal
 4-6     year during which the dedicated revenue, taxes, and money are
 4-7     insufficient to make all payments when due, there is appropriated,
 4-8     and there shall be deposited in the fund, out of the first money
 4-9     coming into the state treasury in each fiscal year that is not
4-10     otherwise appropriated by this constitution, an amount that is
4-11     sufficient to pay the principal of the obligations and agreements
4-12     and the interest on the obligations and agreements that become due
4-13     during that fiscal year, minus any amount in the fund that is
4-14     available for that payment in accordance with applicable law.
4-15           (h)  Proceedings authorizing obligations and related credit
4-16     agreements to be issued and executed under the authority of this
4-17     section shall be submitted to the attorney general for approval as
4-18     to their legality.  If the attorney general finds that they will be
4-19     issued in accordance with this section and applicable law, the
4-20     attorney general shall approve them, and, after payment by the
4-21     purchasers of the obligations in accordance with the terms of sale
4-22     and after execution and delivery of the related credit agreements,
4-23     the obligations and related credit agreements are incontestable for
4-24     any cause.
4-25           (i)  Obligations and credit agreements issued or executed
4-26     under the authority of this section may not be included in the
 5-1     computation required by Section 49-j, Article III, of this
 5-2     constitution, except that if money has been dedicated to the fund
 5-3     without specification of its source or the authority granted by
 5-4     Subsection (g) of this section has been implemented, the
 5-5     obligations and credit agreements shall be included to the extent
 5-6     the comptroller projects that general funds of the state, if any,
 5-7     will be required to pay amounts due on or on account of the
 5-8     obligations and credit agreements.
 5-9           (j)  The collection and deposit of the amounts required by
5-10     this section, applicable law, and contract to be applied to the
5-11     payment of obligations and credit agreements issued, executed, and
5-12     secured under the authority of this section may be enforced by
5-13     mandamus against the commission, the department, and the
5-14     comptroller in a district court of Travis County, and the sovereign
5-15     immunity of the state is waived for that purpose.
5-16           SECTION 2.  Section 52-b, Article III, Texas Constitution, is
5-17     amended to read as follows:
5-18           Sec. 52-b.  The Legislature shall have no power or authority
5-19     to in any manner lend the credit of the State or grant any public
5-20     money to, or assume any indebtedness, present or future, bonded or
5-21     otherwise, of any individual, person, firm, partnership,
5-22     association, corporation, public corporation, public agency, or
5-23     political subdivision of the State, or anyone else, which is now or
5-24     hereafter authorized to construct, maintain or operate toll roads
5-25     and turnpikes within this State except that the Legislature may
5-26     authorize the Texas Department of Transportation to expend, grant,
 6-1     or loan money, from any source available, for the acquisition,
 6-2     construction, maintenance, or operation [costs] of turnpikes, toll
 6-3     roads, and [or] toll bridges [of the Texas Turnpike Authority, or
 6-4     successor agency, provided that any monies expended out of the
 6-5     state highway fund shall be repaid to the fund from tolls or other
 6-6     turnpike revenue].
 6-7           SECTION 3.  This proposed constitutional amendment shall be
 6-8     submitted to the voters at an election to be held November 6, 2001.
 6-9     The ballot shall be printed to permit voting for or against the
6-10     proposition: "The constitutional amendment creating the Texas
6-11     Mobility Fund and authorizing grants and loans of money and
6-12     issuance of obligations for financing the construction,
6-13     reconstruction, acquisition, operation, and expansion of state
6-14     highways, turnpikes, toll roads, toll bridges, and other mobility
6-15     projects."
         _______________________________     _______________________________
             President of the Senate              Speaker of the House
               I hereby certify that S.J.R. No. 16 was adopted by the Senate
         on March 15, 2001, by the following vote:  Yeas 29, Nays 1, one
         present not voting; and that the Senate concurred in House
         amendment on May 24, 2001, by the following vote:  Yeas 30, Nays 0,
         one present not voting.
                                                 Secretary of the Senate
               I hereby certify that S.J.R. No. 16 was adopted by the House,
         with amendment, on May 16, 2001, by the following vote:  Yeas 144,
         Nays 2, two present not voting.
                                                Chief Clerk of the House
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