Article III, Section 49-n of the Texas Constitution ("Two Sections with Same Number–Public Securities")
Added September 13, 2003:
text of Article III, Section 49-n proposed by Acts 2003, 78th Leg., R.S., H.J.R. No. 28
(a) To fund highway improvement projects, the Legislature may authorize the 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 (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.
text of Article III, Section 49-n proposed by Acts 2003, 78th Leg., R.S., S.J.R. No. 55
(a) The Legislature by general law may authorize one or more state agencies to issue general obligation bonds or notes of the State of Texas in an aggregate amount not to exceed $250 million and enter into related credit agreements. The proceeds from the sale of the bonds and notes shall be deposited in the Texas Military Value Revolving Loan Account in the State Treasury or its successor account to be used by one or more state agencies designated by the Legislature by general law without further appropriation to provide loans for economic development projects that benefit defense-related communities, as defined by the Legislature by general law, including projects that enhance the military value of military installations located in the State.
(b) The expenses incurred in connection with the issuance of the bonds and notes and the costs of administering the Texas Military Value Revolving Loan Account may be paid from money in the account. Money in the Texas Military Value Revolving Loan Account may be used to pay all or part of any payment owed under a credit agreement related to the bonds or notes.
(c) A defense-related community receiving a loan from the Texas Military Value Revolving Loan Account may use money from the account to capitalize interest on the loan.
(d) An agency providing a loan from the Texas Military Value Revolving Loan Account to a defense-related community may require the defense-related community to pay any pro rata cost of issuing the general obligation bonds and notes.
(e) Bonds and notes authorized under this section are 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 first money coming into the Treasury in each fiscal year, not otherwise appropriated by this constitution, the amount sufficient to pay the principal of and interest on the bonds or notes that mature or become due during the fiscal year, including an amount sufficient to make payments under a related credit agreement, less any amounts in the interest and sinking accounts at the close of the preceding fiscal year that are pledged to payment of the bonds or notes or interest.
Editor Comments
There are currently two Article III sections numbered 49-n.
Both were approved by voters on September 13, 2003.
Neither has been amended or repealed since that date.
Recent Decisions
None.
Historic Decisions
None.
Library Resources
- Vernon's Annotated Constitution of the State of Texas (this multi-volume and up-to-date resource is available at all law libraries and many municipal libraries)
- The Texas State Constitution: A Reference Guide (this one-volume resource is available at most law libraries and some municipal libraries)
- The Constitution of the State of Texas: An Annotated and Comparative Analysis (this two-volume resource is available at most law libraries and some municipal libraries)
Online Resources
- Constitution of the State of Texas (1876) (this resource is published and maintained by the University of Texas School of Law)
- Amendments to the Texas Constitution Since 1876 (this resource is published and regularly updated by the Legislative Council)
- Reports Analyzing Proposed Amendments (this resource is published and regularly updated by the Legislative Reference Library)