§ 49-p. TEXAS TRANSPORTATION COMMISSION; TEXAS HIGHWAY IMPROVEMENT FUNDS
|Currency:||Current through the November 2017 election|
(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.
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