Voters authorized the creation of the Texas Mobility Fund (TMF) in 2001, establishing it within the treasury of the State of Texas, and authorizing the Texas Transportation Commission to administer it. As authorized by the voters, the Texas Legislature established the TMF to provide a method of financing the construction, reconstruction, acquisition, and expansion of state highways, including the costs of any necessary design and costs of acquisition of rights-of-way.
The TMF may also be used to provide participation by TxDOT in the payment of all or a portion of the costs of constructing and providing publicly-owned toll roads and other public transportation projects. Bonds and other obligations of the TMF issued to-date are secured by a first lien interest in certain revenues of the TMF, and they are also general obligations of the State secured by the full faith and credit of the State.
Therefore, should the revenue and money dedicated to and on deposit in the TMF be insufficient to make payments due on TMF bonds and other obligations, there is appropriated from the State Treasury an amount that is sufficient to make payments due on such bonds and other obligations. The maximum maturity for bonds in this program is 30 years.
Texas Mobility Fund Bond Series