Texas Transportation Code 201.944 – Pledge of State’s Full Faith and Credit
Current as of: 2024 | Check for updates
|
Other versions
(a) The commission may guarantee on behalf of the state the payment of any obligations and credit agreements issued under § 201.943 by pledging the full faith and credit of the state to the payment of the obligations and credit agreements in the event the revenue and money dedicated to the fund pursuant to § 49-k(e), Article III, Texas Constitution, and on deposit in the fund pursuant to § 49-k(f), Article III, Texas Constitution, are insufficient for that purpose.
(b) The exercise of the authority granted by Subsection (a) does not modify or relieve the commission from complying with § 201.943(e) or (f) and does not permit the issuance of aggregate obligations in an amount exceeding the maximum obligation amount.
Terms Used In Texas Transportation Code 201.944
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) If the commission exercises the authority granted by Subsection (a), the constitutional appropriation contained in § 49-k(g), Article III, Texas Constitution, shall be implemented and observed by all officers of the state during any period during which obligations and credit agreements are outstanding and unpaid.