HBA-KSM H.J.R. 2 76(R) BILL ANALYSIS Office of House Bill AnalysisH.J.R. 2 By: Oliveira Financial Institutions 3/14/1999 Introduced BACKGROUND AND PURPOSE The House Committee on Economic Development (committee) studied the North American Free Trade Agreement's effect on Texas during the interim between the 75th and 76th Legislatures. Findings revealed delays currently exist at the Texas-Mexico border ports of entry because of inadequate infrastructure. This may be causing negative economic repercussions across the state as goods are unable to move freely across the international border with Mexico, the state's largest trading partner. A large investment will be necessary to improve border highway infrastructure. As proposed, H.J.R. 2 requires the submission to the voters of a constitutional amendment providing for the issuance of general obligation bonds to develop, construct, and improve highways, streets, and facilities providing access to international ports of entry along the Texas-Mexico border. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Article III, Texas Constitution, by adding Section 49-k, as follows: Sec. 49-k. INTERNATIONAL PORT OF ENTRY BONDS. (a) Authorizes the legislature by law to provide for the issuance of $1 billion of general obligation bonds and authorize the use of the bond proceeds to develop, construct, and improve highways, streets, and facilities that provide access to international ports of entry in this state that are located on the border with the United Mexican States or in a county bordering the United Mexican States having a seaport. (b) Provides that bonds authorized under this section constitute a general obligation of the state. Provides that while any of the bonds or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the treasury in each fiscal year, not otherwise appropriated by this constitution, the amount sufficient to pay the principal of an interest on the bonds that mature or become due during the fiscal year, less any amount in any interest and sinking account at the end of the preceding fiscal year that is pledged to payment of the bonds or interest. SECTION 2. Requires this proposed constitutional amendment to be submitted to the voters at an election to be held November 2, 1999. Sets forth the required language for the ballot.