Texas Constitution, April 2008 Page: 44
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Art. 3 Sec. 49-m
(b) The Texas Transportation Commission may, in its discretion and in
consultation with the office of the governor, determine what constitutes a border
colonial for purposes of selecting the counties and projects that may receive
assistance under this section.
(c) A portion of the proceeds from the sale of the bonds and notes and a
portion of the interest earned on the bonds and notes may be used to pay:
(1) the costs of administering projects authorized under this section; and
(2) all or part of a payment owed or to be owed under a credit agreement.
(d) The bonds and notes authorized under this section constitute a general
obligation of the state. While any of the bonds or notes or interest on the bonds or
notes is outstanding and unpaid, there is appropriated out of the general revenue
fund in each fiscal year an amount sufficient to pay the principal of and interest
on the bonds and notes that mature or become due during the fiscal year, including
an amount sufficient to make payments under a related credit agreement. (Added
Nov. 6, 2001.) 5
Sec. 49-m. TEXAS DEPARTMENT OF TRANSPORTATION
SHORT-TERM NOTES AND LOANS. (a) The legislature, by law, may
authorize the Texas Transportation Commission or its successor to authorize the 5
Texas Department of Transportation or its successor to issue notes or borrow
money from any source to carry out the functions of the department.
(b) Notes issued or a loan obtained under this section may not have a term
of more than two years. The legislature may appropriate money dedicated by
Sections 7-a and 7-b, Article VIII, of this constitution for the purpose of paying
a debt created by the notes or loan. (Added Sept. 13, 2003.) 5
Sec. 49-n. HIGHWAY TAX AND REVENUE ANTICIPATION NOTES.
(Text of section as added by Acts 2003, 78th Leg., R.S., H.J.R. No. 28.)
(a) To fund highway improvement projects, the legislature may authorize the 5
Texas Transportation Commission or its successor to issue bonds and other public
securities and enter into bond enhancement agreements that are payable from
revenue deposited to the credit of the state highway fund.
(b) In each fiscal year in which amounts become due under the bonds, other
public securities, or agreements authorized by this section, there is appropriated
from the revenue deposited to the credit of the state highway fund in that fiscal
year an amount that is sufficient to pay:
(1) the principal of and interest on the bonds or other public securities that
mature or become due during the fiscal year; and 5
(2) any cost related to the bonds and other public securities, including
payments under bond enhancement agreements, that becomes due during that
fiscal year. .
(c) Any dedication or appropriation of revenue to the credit of the state
highway fund may not be modified so as to impair any outstanding bonds or other
public securities secured by a pledge of that revenue unless provisions have been
made for a full discharge of those securities. (Added Sept. 13, 2003.)
44 5
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Texas. Legislature. Legislative Council. Research Division. Texas Constitution, April 2008, book, April 2008; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654146/m1/50/?q=%222008~%22: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.