78th Texas Legislature, Regular Session, House Joint Resolution 28 Page: 1 of 4
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H.J.R. No. 28
A JOINT RESOLUTION
1 proposing a constitutional amendment providing for authorization
2 of the borrowing of money on a short-term basis by a state
3 transportation agency for transportation-related projects, and the
4 issuance of bonds and other public securities secured by the state
5 highway fund.
6 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
7 SECTION 1i. Article III, Texas Constitution, is amended by
8 adding Sections 49-m and 49-n to read as follows:
9 Sec. 49-m. (a) The legislature, by law, may authorize the
10 Texas Transportation Commission or its successor to authorize the
11 Texas Department of Transportation or its successor to issue notes
12 or borrow money from any source to carry out the functions of the
13 department.
14 (b) Notes issued or a loan obtained under this section may
15 not have a term of more than two years. The legislature may
.16 appropriate money dedicated by Sections 7-a and 7-b, Article VIII,
17 of this constitution for the purpose of paying a debt created by the
18 notes or loan.
19 Sec. 49-n. (a) To fund highway improvement projects, the
20 legislature may authorize the Texas Transportation Commission or
21 its successor to issue bonds and other public securities and enter
22 into bond enhancement agreements that are payable from revenue
23 deposited to the credit of the state highway fund.
24 (b) In each fiscal year in which amounts become due under
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Joint Resolution 28, legislative document, June 3, 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth159070/m1/1/: accessed June 3, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.