| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment authorizing the issuance of |
|
|
general obligation bonds and the dedication of bond proceeds to the |
|
|
Brain Institute of Texas established to fund brain research in this |
|
|
state. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article III, Texas Constitution, is amended by |
|
|
adding Section 68 to read as follows: |
|
|
Sec. 68. (a) The legislature by general law may authorize |
|
|
the Texas Public Finance Authority to provide for, issue, and sell |
|
|
general obligation bonds of the State of Texas on behalf of the |
|
|
Brain Institute of Texas established by general law in an amount not |
|
|
to exceed $3 billion and to enter into related credit agreements. |
|
|
The Texas Public Finance Authority may not issue more than $300 |
|
|
million in bonds authorized by this subsection in a year. The bonds |
|
|
shall be executed in the form, on the terms, and in the |
|
|
denominations, bear interest, and be issued in installments as |
|
|
prescribed by the Texas Public Finance Authority. |
|
|
(b) Proceeds from the sale of the bonds shall be deposited |
|
|
in separate funds or accounts, as provided by general law, within |
|
|
the state treasury to be used by the Brain Institute of Texas for |
|
|
the purposes of this section. |
|
|
(c) The Brain Institute of Texas may use the proceeds from |
|
|
bonds authorized under Subsection (a) of this section for the |
|
|
purpose of funding: |
|
|
(1) grants to institutions of higher education in this |
|
|
state for brain research; |
|
|
(2) brain disease and disorder prevention health care; |
|
|
(3) recruitment and development of brain researchers; |
|
|
(4) activities identified in the Texas Brain Research |
|
|
Plan; |
|
|
(5) research facilities in this state that conduct |
|
|
brain research; |
|
|
(6) the purchase, subject to approval by the Brain |
|
|
Institute of Texas, of research facilities by or for a grant |
|
|
recipient; and |
|
|
(7) the operation of the institute. |
|
|
(d) The bond proceeds may be used to pay the costs of issuing |
|
|
the bonds and any administrative expense related to the bonds. |
|
|
(e) While any of the bonds or interest on the bonds |
|
|
authorized by this section is outstanding and unpaid, from the |
|
|
first money deposited to the state treasury in each state fiscal |
|
|
year not otherwise appropriated by this constitution, an amount |
|
|
sufficient to pay the principal of and interest on bonds that mature |
|
|
or become due during the fiscal year and to make payments that |
|
|
become due under a related credit agreement during the fiscal year |
|
|
is appropriated, less the amount in the sinking fund at the close of |
|
|
the previous state fiscal year. |
|
|
(f) Bonds issued under this section, after approval by the |
|
|
attorney general, registration by the comptroller of public |
|
|
accounts, and delivery to the purchasers, are incontestable and are |
|
|
general obligations of the State of Texas under this constitution. |
|
|
(g) The Texas Public Finance Authority shall consider using |
|
|
a business whose principal place of business is located in the state |
|
|
to issue the bonds authorized by this section and shall include |
|
|
using a historically underutilized business as defined by general |
|
|
law. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 2, 2021. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment authorizing the |
|
|
issuance of not more than $3 billion in general obligation bonds and |
|
|
the dedication of bond proceeds to the Brain Institute of Texas |
|
|
established to fund brain research in this state." |