Voter approval in 2001 of Proposition 15 (Texas constitutional amendment) and enactment of legislation by the 77th Legislature in 2001 created the Texas Mobility Fund. In particular, Article III, Section 49-k of the Texas Constitution (the "Constitutional Provision") created the Texas Mobility Fund within the treasury of the State of Texas.
The creation of the Mobility Fund allows TxDOT to issue bonds secured by future revenue. This allows the acceleration of mobility projects throughout the state.
The Mobility Fund is to be administered by the Texas Transportation Commission (the Commission) as a revolving fund to provide a method of financing for the construction, reconstruction, acquisition and expansion of state highways, including costs of any necessary design and costs of acquisition of rights-of-way, as determined by the Commission in accordance with standards and procedures established by law.
Moneys in the Mobility Fund may also be used to provide state participation in the payment of a portion of the costs of constructing and providing publicly owned toll roads and other public transportation projects in accordance with procedures, standards and limitations established by law.
Legislation enacted under the Constitutional Provision authorized the Commission to issue and sell obligations of the state and enter into related credit agreements that are payable from and secured by a pledge of and a lien on all or part of the money on deposit in the Mobility Fund.