| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment authorizing the issuance of |
|
|
general obligation bonds to provide financial assistance to |
|
|
political subdivisions located in areas of the state affected by a |
|
|
disaster, including an epidemic or pandemic. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article III, Texas Constitution, is amended by |
|
|
adding Section 49-q to read as follows: |
|
|
Sec. 49-q. (a) The legislature by general law may authorize |
|
|
the disaster reinvestment and infrastructure planning board or its |
|
|
successor to issue general obligation bonds of the State of Texas in |
|
|
an amount not to exceed $500 million and to enter into related |
|
|
credit agreements. The proceeds from the sale of the bonds shall be |
|
|
deposited to the credit of the disaster reinvestment and |
|
|
infrastructure planning revolving fund or its successor fund and |
|
|
shall be used only to respond to a disaster, including an epidemic |
|
|
or pandemic, in the manner provided by the legislature by general |
|
|
law. The expenses of issuance of the bonds shall be paid from money |
|
|
in the fund. |
|
|
(b) The bonds authorized under this section shall be |
|
|
executed in the form, on the terms, and in the denominations, bear |
|
|
interest, and be issued as prescribed by the disaster reinvestment |
|
|
and infrastructure planning board or its successor. |
|
|
(c) The bonds authorized under this section constitute a |
|
|
general obligation of the state. 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 an amount sufficient to |
|
|
pay the principal of and interest on the bonds that mature or become |
|
|
due during the fiscal year, including an amount sufficient to make |
|
|
payments under a related credit agreement. |
|
|
(d) The proceeds from the issuance and sale of the bonds, |
|
|
and the interest earned on the bonds, are appropriated when |
|
|
received by the state and may be used as provided by this section |
|
|
and law enacted under this section without further appropriation. |
|
|
(e) 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. |
|
|
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 general obligation bonds to provide financial |
|
|
assistance to political subdivisions located in areas of the state |
|
|
affected by a disaster, including an epidemic or pandemic." |