Enrolled Bill Summary

Senate Joint Resolution 55 proposes a state constitutional amendment to permit the legislature by general law to authorize one or more state agencies to issue general obligation bonds or notes in an aggregate amount not to exceed $250 million and to enter into related credit agreements. Proceeds go to a revolving loan account to be used without further appropriation by one or more statutorily designated agencies to provide loans for economic development projects that benefit defense-related communities or enhance the military value of military installations located in Texas. Other provisions of the proposed amendment relate to administrative and bond issuance costs, use of account money by a recipient community to capitalize interest on a loan, and paying of the principal and interest on maturing bonds and notes.