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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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general obligation bonds to provide funding for the construction, |
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expansion, maintenance, and operation of state mental health |
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facilities. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-q to read as follows: |
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Sec. 49-q. (a) The legislature by general law may authorize |
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the Health and Human Services Commission or that agency's successor |
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to provide for, issue, and sell general obligation bonds of the |
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State of Texas in an amount not to exceed $10 billion and to enter |
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into related credit agreements to provide funding for the |
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construction, expansion, maintenance, and operation of state |
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mental health facilities. The bonds shall be executed in the form, |
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on the terms, and in the denominations, bear interest, and be issued |
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in installments as prescribed by the Health and Human Services |
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Commission or that agency's successor. |
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(b) A portion of the proceeds from the sale of the bonds and |
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a portion of the interest earned on the bonds may be used to pay: |
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(1) the costs of administering projects authorized by |
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this section; |
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(2) the cost or expense of the issuance of the bonds; |
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(3) refunding bonds and related credit agreements |
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authorized by this section; and |
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(4) all or part of a payment owed or to be owed under a |
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credit agreement. |
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(c) The bonds authorized under this section constitute a |
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general obligation of the state. While any of the bonds or interest |
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on the bonds is outstanding and unpaid, there is appropriated out of |
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the first money coming into the treasury each fiscal year, not |
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otherwise appropriated by this constitution, an amount sufficient |
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to pay the principal of and interest on the bonds that mature or |
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become due during the fiscal year, including an amount sufficient |
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to make payments under a related credit agreement. |
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(d) The proceeds from the issuance and sale of the bonds, |
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and the interest earned on the bonds, are appropriated when |
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received by the state, and may be used as provided by this section |
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and any law enacted under this section without further |
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appropriation. |
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(e) Bonds issued under this section, after approval by the |
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attorney general, registration by the comptroller of public |
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accounts, and delivery to the purchasers, are incontestable and are |
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general obligations of the State of Texas under this constitution. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to provide voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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issuance of general obligation bonds to provide funding for the |
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construction, expansion, maintenance, and operation of state |
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mental health facilities." |