Texas Const. art. III, § 49-m

Texas Constitution

Article III, § 49-m — SHORT-TERM NOTES AND LOANS FOR TEXAS DEPARTMENT OF TRANSPORTATION FUNCTIONS

Texas Const. art. III, § 49-m (SHORT-TERM NOTES AND LOANS FOR TEXAS DEPARTMENT OF TRANSPORTATION FUNCTIONS) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionTexas DocumentConstitution

ArticleIII

Section§ 49-m

CitationTexas Const. art. III, § 49-m

Bluebook

Tex. Const. art. III, § 49-m.

Full Text

(a) The legislature, by law, may authorize the Texas Transportation Commission or its successor to authorize the Texas Department of Transportation or its successor to issue notes or borrow money from any source to carry out the functions of the department. (b) Notes issued or a loan obtained under this section may not have a term of more than two years. The legislature may appropriate money dedicated by Sections 7-a and 7-b, Article VIII, of this constitution for the purpose of paying a debt created by the notes or loan.

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(a) The legislature, by law, may authorize the Texas Transportation Commission or its successor to authorize the Texas Department of Transportation or its successor to issue notes or borrow money from any source to carry out the functions of the department. (b) Notes issued or a loan obtained under this section may not have a term of more than two years. The legislature may appropriate money dedicated by Sections 7-a and 7-b, Article VIII, of this constitution for the purpose of paying a debt created by the notes or loan.

History

Added Sept. 13, 2003.