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Senate Joint Resolution 4 |
Senate Author: Hinojosa et al. |
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For Election: 11-8-11 |
House Sponsor: Ritter |
Senate Joint Resolution 4 proposes an amendment to the state constitution to authorize the Texas Water Development Board (TWDB) to issue general obligation bonds for one or more accounts of the Texas Water Development Fund II in amounts such that the aggregate principal amount of such bonds that are outstanding at any time does not exceed $6 billion. The resolution makes constitutional provisions relating to the fund applicable to these bonds, but makes the provision that prohibits the TWDB from issuing bonds in excess of the aggregate principal amount of previously authorized bonds inapplicable to bonds under the resolution's provisions. The resolution makes a limitation on the percentage of state participation in any single project imposed by constitutional provisions relating to the legislative department inapplicable to a project funded with the proceeds of bonds issued under the authority of the resolution's provisions or provisions relating to the fund.