Texas Constitution:Article VIII, Section 7-c and Texas Constitution:Article III, Section 49-p: Difference between pages

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{{DISPLAYTITLE:Article VIII, Section 7-c of the Texas Constitution}}{{Template:Texas Constitution|text=Added November 3, 2015:
{{DISPLAYTITLE:Article III, Section 49-p of the Texas Constitution (''<small>"General Obligation Bonds for Highway Improvements"</small>'')}}{{Texas Constitution|text=Added November 6, 2007:


'''(a) Subject to Subsections (d) and (e) of this section, in each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund $2.5 billion of the net revenue derived from the imposition of the state sales and use tax on the sale, storage, use, or other consumption in this state of taxable items under Chapter [https://statutes.capitol.texas.gov/Docs/TX/pdf/TX.151.pdf 151], Tax Code, or its successor, that exceeds the first $28 billion of that revenue coming into the Treasury in that state fiscal year.'''
'''(a) To provide funding for highway improvement projects, the Legislature by general law may authorize the Texas Transportation Commission or its successor to issue general obligation bonds of the State of Texas in an aggregate amount not to exceed $5 billion and enter into related credit agreements. The bonds shall be executed in the form, on the terms, and in the denominations, bear interest, and be issued in installments as prescribed by the Texas Transportation Commission or its successor.'''


'''(b) Subject to Subsections (d) and (e) of this section, in each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund an amount equal to 35 percent of the net revenue derived from the tax authorized by Chapter [https://statutes.capitol.texas.gov/Docs/TX/pdf/TX.152.pdf 152], Tax Code, or its successor, and imposed on the sale, use, or rental of a motor vehicle that exceeds the first $5 billion of that revenue coming into the Treasury in that state fiscal year.'''
'''(b) A portion of the proceeds from the sale of the bonds and a portion of the interest earned on the bonds may be used to pay: (1) the costs of administering projects authorized under this section; (2) the cost or expense of the issuance of the bonds; and (3) all or part of a payment owed or to be owed under a credit agreement.'''


'''(c) Money deposited to the credit of the state highway fund under this section may be appropriated only to: (1) construct, maintain, or acquire rights-of-way for public roadways other than toll roads; or (2) repay the principal of and interest on general obligation bonds issued as authorized by Section [[Texas Constitution:Article III, Section 49-p|49-p]], Article III, of this constitution.'''
'''(c) The bonds authorized under this section constitute a general obligation of the state. While any of the bonds or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the Treasury each fiscal year, not otherwise appropriated by this constitution, an amount sufficient to pay the principal of and interest on the bonds that mature or become due during the fiscal year, including an amount sufficient to make payments under a related credit agreement.'''


'''(d) The legislature by adoption of a resolution approved by a record vote of two-thirds of the members of each house of the legislature may direct the comptroller of public accounts to reduce the amount of money deposited to the credit of the state highway fund under Subsection (a) or (b) of this section. The comptroller may be directed to make that reduction only: (1) in the state fiscal year in which the resolution is adopted, or in either of the following two state fiscal years; and (2) by an amount or percentage that does not result in a reduction of more than 50 percent of the amount that would otherwise be deposited to the fund in the affected state fiscal year under the applicable subsection of this section.'''
'''(d) Bonds issued under this section, after approval by the Attorney General, registration by the Comptroller of Public Accounts, and delivery to the purchasers, are incontestable and are general obligations of the State of Texas under this constitution.'''
 
'''(e) Subject to Subsection (f) of this section, the duty of the comptroller of public accounts to make a deposit under this section expires: (1) August 31, 2032, for a deposit required by Subsection (a) of this section; and (2) August 31, 2029, for a deposit required by Subsection (b) of this section.'''
 
'''(f) The legislature by adoption of a resolution approved by a record vote of a majority of the members of each house of the legislature may extend, in 10-year increments, the duty of the comptroller of public accounts to make a deposit under Subsection (a) or (b) of this section beyond the applicable date prescribed by Subsection (e) of this section.'''


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|seo_title=Article III, Section 49-p of the Texas Constitution ("General Obligation Bonds for Highway Improvements")
|seo_keywords=Article 3 Section 49-p, Texas Legislature, ...
|seo_description=The legislative power of Texas is vested in a Senate and House of Representatives.
|seo_image=Texas_Constitution_of_1876_Article_3.jpg
|seo_image_alt=Article III: Legislative Department


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}}


[[Category:Tax Law-Texas]]
[[Category:TxCon ArtIII Sec]]
[[Category:TxCon ArtVIII Sec]]

Revision as of 16:24, August 7, 2023

Added November 6, 2007:

(a) To provide funding for highway improvement projects, the Legislature by general law may authorize the Texas Transportation Commission or its successor to issue general obligation bonds of the State of Texas in an aggregate amount not to exceed $5 billion and enter into related credit agreements. The bonds shall be executed in the form, on the terms, and in the denominations, bear interest, and be issued in installments as prescribed by the Texas Transportation Commission or its successor.

(b) A portion of the proceeds from the sale of the bonds and a portion of the interest earned on the bonds may be used to pay: (1) the costs of administering projects authorized under this section; (2) the cost or expense of the issuance of the bonds; and (3) all or part of a payment owed or to be owed under a credit agreement.

(c) The bonds authorized under this section constitute a general obligation of the state. While any of the bonds or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the Treasury each fiscal year, not otherwise appropriated by this constitution, an amount sufficient to pay the principal of and interest on the bonds that mature or become due during the fiscal year, including an amount sufficient to make payments under a related credit agreement.

(d) Bonds issued under this section, after approval by the Attorney General, registration by the Comptroller of Public Accounts, and delivery to the purchasers, are incontestable and are general obligations of the State of Texas under this constitution.

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Attorney Steve Smith

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