1-1 By: Bivins S.J.R. No. 4
1-2 (In the Senate - Filed January 18, 1993; January 19, 1993,
1-3 read first time and referred to Committee on Education;
1-4 January 26, 1993, reported favorably by the following vote: Yeas
1-5 9, Nays 2; January 26, 1993, sent to printer.)
1-6 COMMITTEE VOTE
1-7 Yea Nay PNV Absent
1-8 Ratliff x
1-9 Haley x
1-10 Barrientos x
1-11 Bivins x
1-12 Harris of Tarrant x
1-13 Luna x
1-14 Montford x
1-15 Shapiro x
1-16 Sibley x
1-17 Turner x
1-18 Zaffirini x
1-19 SENATE JOINT RESOLUTION
1-20 proposing a constitutional amendment authorizing the issuance of
1-21 $750 million in state general obligation bonds to assist school
1-22 districts in financing facilities and repealing the authorization
1-23 for $750 million in state revenue bonds guaranteed by the permanent
1-24 school fund.
1-25 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-26 SECTION 1. Article VII, Section 5, Subsection (b), of the
1-27 Texas Constitution is amended to read as follows:
1-28 (b) The legislature by law may provide for using the
1-29 permanent school fund and the income from the permanent school fund
1-30 to guarantee bonds issued by school districts. The legislature by
1-31 law may provide for the issuance of general obligation bonds of <or
1-32 by> the state for the purpose of making loans to or purchasing the
1-33 bonds of school districts for the purpose of acquisition,
1-34 construction, or improvement of instructional facilities including
1-35 all furnishings thereto. The state, pursuant to general law, may
1-36 forgive the payment of principal and interest on all or part of a
1-37 loan made to a school district under this section to finance an
1-38 instructional facility <If any payment is required to be made by
1-39 the permanent school fund as a result of its guarantee of bonds
1-40 issued by the state, an amount equal to this payment shall be
1-41 immediately paid by the state from the treasury to the permanent
1-42 school fund. An amount owed by the state to the permanent school
1-43 fund under this section shall be a general obligation of the state
1-44 until paid>. The amount of bonds authorized hereunder shall not
1-45 exceed $750 million. While any of the general obligation bonds
1-46 issued under this subsection or any of the interest on those bonds
1-47 is outstanding and unpaid, there is appropriated out of the first
1-48 money coming into the state treasury in each fiscal year, not
1-49 otherwise appropriated by this constitution, the amount sufficient
1-50 to pay the principal and interest on those bonds that mature or
1-51 become due during that year <or a higher amount authorized by a
1-52 two-thirds record vote of both houses of the legislature. If the
1-53 proceeds of bonds issued by the state are used to provide a loan to
1-54 a school district and the district becomes delinquent on the loan
1-55 payments, the amount of the delinquent payments shall be offset
1-56 against state aid to which the district is otherwise entitled>.
1-57 SECTION 2. This proposed constitutional amendment shall be
1-58 submitted to the voters at an election to be held May 1, 1993. The
1-59 ballot shall be printed to provide for voting for or against the
1-60 proposition: "The constitutional amendment authorizing the
1-61 issuance of $750 million in state general obligation bonds to
1-62 assist school districts in financing facilities and repealing the
1-63 authorization for $750 million in state revenue bonds guaranteed by
1-64 the permanent school fund."
1-65 * * * * *
1-66 Austin,
1-67 Texas
1-68 January 26, 1993
2-1 Hon. Bob Bullock
2-2 President of the Senate
2-3 Sir:
2-4 We, your Committee on Education to which was referred S.J.R. No. 4,
2-5 have had the same under consideration, and I am instructed to
2-6 report it back to the Senate with the recommendation that it do
2-7 pass and be printed.
2-8 Ratliff,
2-9 Chairman
2-10 * * * * *
2-11 WITNESSES
2-12 FOR AGAINST ON
2-13 ___________________________________________________________________
2-14 Name: Lonnie Hollingsworth, Jr.
2-15 Representing: Texas Classroom Teachers Assn
2-16 City: Austin x