THE TEXAS CONSTITUTION. Texas

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СКАЧАТЬ to the satisfaction of the Bond Review Board or its successor designated by law that the bonds no longer require payment from general revenue, and the Bond Review Board so certifies to the Legislative Budget Board or its successor designated by law.

      (Added Nov. 4, 1997.)

      Sec. 49-k. TEXAS MOBILITY FUND.

      (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 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.

      (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 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 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.

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