Texas Transportation Code
§ 222.003 — ISSUANCE OF BONDS SECURED BY STATE HIGHWAY FUND
TN § 222.003Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 222. FUNDING AND FEDERAL AID · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)The commission may issue bonds and other public securities secured by a pledge of and payable from revenue deposited to the credit of the state highway fund.
(b)The aggregate principal amount of the bonds and other public securities that are issued may not exceed $6 billion. The commission may only issue bonds or other public securities in an aggregate principal amount of not more than $1.5 billion each year.
(c)Proceeds from the sale of bonds and other public securities issued under this section shall be used to fund state highway improvement projects.
(d)Of the aggregate principal amount of bonds and other public securities that may be issued under this section, the commission shall issue bonds or other public securities in an aggregate principal amount of $1.2 billion to fund projects that reduce collisions or correct or improve hazardous locations on the state highway system. The commission by rule shall prescribe criteria for selecting projects eligible for funding under this section. In establishing criteria for the projects, the commission shall consider collision data, traffic volume, pavement geometry, and other conditions that can create or exacerbate hazardous roadway conditions.
(e)The proceeds of bonds and other public securities issued under this section may not be used for any purpose other than any costs related to the bonds and other public securities and the purposes for which revenues are dedicated under Section 7-a, Article VIII, Texas Constitution.
(f)The commission may enter into credit agreements, as defined by Chapter 1371, Government Code, relating to the bonds and other public securities authorized by this section. The agreements may be secured by and payable from the same sources as the bonds and other public securities.
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 264 (S.B. 792), Sec. 14.01, eff. June 11, 2007. Acts 2011, 82nd Leg., R.S., Ch. 259 (H.B. 1201), Sec. 6, eff. June 17, 2011. Acts 2023, 88th Leg., R.S., Ch. 709 (H.B. 2190), Sec. 7, eff. September 1, 2023.