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Texas Constitution:Article III, Section 49-k (view source)
Revision as of 14:31, August 7, 2023
, August 7, 2023Text replacement - "state treasury" to "State Treasury"
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'''(a) In this section: (1) "Commission" means the Texas Transportation Commission or its successor. (2) "Comptroller" means the Comptroller of Public Accounts of the State of Texas. (3) "Department" means the Texas Department of Transportation or its successor. (4) "Fund" means the Texas Mobility Fund. (5) "Obligations" means bonds, notes, and other public securities.''' | '''(a) In this section: (1) "Commission" means the Texas Transportation Commission or its successor. (2) "Comptroller" means the Comptroller of Public Accounts of the State of Texas. (3) "Department" means the Texas Department of Transportation or its successor. (4) "Fund" means the Texas Mobility Fund. (5) "Obligations" means bonds, notes, and other public securities.''' | ||
'''(b) The Texas Mobility Fund is created in the | '''(b) The Texas Mobility Fund is created in the State Treasury and shall be administered by the Commission as a revolving fund to provide a method of financing the construction, reconstruction, acquisition, and expansion of state highways, including costs of any necessary design and costs of acquisition of rights-of-way, as determined by the Commission in accordance with standards and procedures established by law.''' | ||
'''(c) Money in the Fund may also be used to provide participation by the state in the payment of a portion of the costs of constructing and providing publicly owned toll roads and other public transportation projects in accordance with the procedures, standards, and limitations established by law.''' | '''(c) Money in the Fund may also be used to provide participation by the state in the payment of a portion of the costs of constructing and providing publicly owned toll roads and other public transportation projects in accordance with the procedures, standards, and limitations established by law.''' | ||
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'''(f) Money dedicated as provided by this section is appropriated when received by the state, shall be deposited in the Fund, and may be used as provided by this section and law enacted under this section without further appropriation. While money in the Fund is pledged to the payment of any outstanding obligations or related credit agreements, the dedication of a specific source or portion of revenue, taxes, or other money made as provided by this section may not be reduced, rescinded, or repealed unless: (1) the Legislature by law dedicates a substitute or different source that is projected by the Comptroller to be of a value equal to or greater than the source or amount being reduced, rescinded, or repealed and authorizes the Commission to implement the authority granted by Subsection (g) of this section; and (2) the Commission implements the authority granted by the Legislature pursuant to Subsection (g) of this section.''' | '''(f) Money dedicated as provided by this section is appropriated when received by the state, shall be deposited in the Fund, and may be used as provided by this section and law enacted under this section without further appropriation. While money in the Fund is pledged to the payment of any outstanding obligations or related credit agreements, the dedication of a specific source or portion of revenue, taxes, or other money made as provided by this section may not be reduced, rescinded, or repealed unless: (1) the Legislature by law dedicates a substitute or different source that is projected by the Comptroller to be of a value equal to or greater than the source or amount being reduced, rescinded, or repealed and authorizes the Commission to implement the authority granted by Subsection (g) of this section; and (2) the Commission implements the authority granted by the Legislature pursuant to Subsection (g) of this section.''' | ||
'''(g) In addition to the dedication of specified sources or amounts of revenue, taxes, or money as provided by Subsection (e) of this section, the Legislature may by law authorize the Commission to guarantee the payment of any obligations and credit agreements issued and executed by the Commission under the authority of this section by pledging the full faith and credit of the state to that payment if dedicated revenue is insufficient for that purpose. If that authority is granted and is implemented by the Commission, while any of the bonds, notes, other obligations, or credit agreements are outstanding and unpaid, and for any fiscal year during which the dedicated revenue, taxes, and money are insufficient to make all payments when due, there is appropriated, and there shall be deposited in the Fund, out of the first money coming into the | '''(g) In addition to the dedication of specified sources or amounts of revenue, taxes, or money as provided by Subsection (e) of this section, the Legislature may by law authorize the Commission to guarantee the payment of any obligations and credit agreements issued and executed by the Commission under the authority of this section by pledging the full faith and credit of the state to that payment if dedicated revenue is insufficient for that purpose. If that authority is granted and is implemented by the Commission, while any of the bonds, notes, other obligations, or credit agreements are outstanding and unpaid, and for any fiscal year during which the dedicated revenue, taxes, and money are insufficient to make all payments when due, there is appropriated, and there shall be deposited in the Fund, out of the first money coming into the State Treasury in each fiscal year that is not otherwise appropriated by this constitution, an amount that is sufficient to pay the principal of the obligations and agreements and the interest on the obligations and agreements that become due during that fiscal year, minus any amount in the Fund that is available for that payment in accordance with applicable law.''' | ||
'''(h) Proceedings authorizing obligations and related credit agreements to be issued and executed under the authority of this section shall be submitted to the Attorney General for approval as to their legality. If the Attorney General finds that they will be issued in accordance with this section and applicable law, the Attorney General shall approve them, and, after payment by the purchasers of the obligations in accordance with the terms of sale and after execution and delivery of the related credit agreements, the obligations and related credit agreements are incontestable for any cause.''' | '''(h) Proceedings authorizing obligations and related credit agreements to be issued and executed under the authority of this section shall be submitted to the Attorney General for approval as to their legality. If the Attorney General finds that they will be issued in accordance with this section and applicable law, the Attorney General shall approve them, and, after payment by the purchasers of the obligations in accordance with the terms of sale and after execution and delivery of the related credit agreements, the obligations and related credit agreements are incontestable for any cause.''' | ||