By:  Chisum                                           H.J.R. No. 33
       73R2104 RJA-D
                                  A JOINT RESOLUTION
    1-1  proposing a constitutional amendment limiting debt payable from the
    1-2  general   revenue fund.
    1-3        BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Article III of the Texas Constitution is amended
    1-5  by adding Section 49-j to read as follows:
    1-6        Sec. 49-j.  (a)  The legislature may not authorize additional
    1-7  state debt if the resulting annual debt service exceeds the
    1-8  limitation imposed by this section.  The maximum annual debt
    1-9  service in any fiscal year on state debt payable from the general
   1-10  revenue fund may not exceed five percent of an amount equal to the
   1-11  average of the amount of general revenue fund revenues, excluding
   1-12  revenues constitutionally dedicated for purposes other than payment
   1-13  of state debt, for the three immediately preceding fiscal years.
   1-14        (b)  For purposes of this section, "state debt payable from
   1-15  the general revenue fund" means general obligation and revenue
   1-16  bonds, including authorized but unissued bonds, and lease-purchase
   1-17  agreements in an amount greater than $250,000, which bonds or lease
   1-18  purchase agreements are designed to be repaid with the general
   1-19  revenues of the state.
   1-20        SECTION 2.  This proposed constitutional amendment shall be
   1-21  submitted to the voters at an election to be held on November 8,
   1-22  1994.  The ballot shall be printed to provide for voting for  or
   1-23  against the proposition:  "The constitutional amendment limiting
   1-24  the amount of state debt payable from the general revenue fund."