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Texas Constitution:Article III, Section 49-k (view source)
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'''(d) The Commission may issue and sell obligations of the State and enter into related credit agreements that are payable from and secured by a pledge of and a lien on all or part of the money on deposit in the Fund in an aggregate principal amount that can be repaid when due from money on deposit in the Fund, as that aggregate amount is projected by the Comptroller in accordance with procedures established by law. The proceeds of the obligations must be deposited in the Fund and used for one or more specific purposes authorized by law, including: (1) refunding obligations and related credit agreements authorized by this section; (2) creating reserves for payment of the obligations and related credit agreements; (3) paying the costs of issuance; and (4) paying interest on the obligations and related credit agreements for a period not longer than the maximum period established by law.''' | '''(d) The Commission may issue and sell obligations of the State and enter into related credit agreements that are payable from and secured by a pledge of and a lien on all or part of the money on deposit in the Fund in an aggregate principal amount that can be repaid when due from money on deposit in the Fund, as that aggregate amount is projected by the Comptroller in accordance with procedures established by law. The proceeds of the obligations must be deposited in the Fund and used for one or more specific purposes authorized by law, including: (1) refunding obligations and related credit agreements authorized by this section; (2) creating reserves for payment of the obligations and related credit agreements; (3) paying the costs of issuance; and (4) paying interest on the obligations and related credit agreements for a period not longer than the maximum period established by law.''' | ||
'''(e) The Legislature by law may dedicate to the Fund one or more specific sources or portions, or a specific amount, of the revenue, including taxes, and other money of the | '''(e) The Legislature by law may dedicate to the Fund one or more specific sources or portions, or a specific amount, of the revenue, including taxes, and other money of the State that are not otherwise dedicated by this constitution. The Legislature may not dedicate money from the collection of motor vehicle registration fees and taxes on motor fuels and lubricants dedicated by Section [[Texas Constitution:Article VIII, Section 7-a|7-a]], Article VIII, of this constitution, but it may dedicate money received from other sources that are allocated to the same costs as those dedicated taxes and fees.''' | ||
State that are not otherwise dedicated by this constitution. The Legislature may not dedicate money from the collection of motor vehicle registration fees and taxes on motor fuels and lubricants dedicated by Section [[Texas Constitution:Article VIII, Section 7-a|7-a]], Article VIII, of this constitution, but it may dedicate money received from other sources that are allocated to the same costs as those dedicated taxes and fees.''' | |||
'''(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.''' | ||