By:  Lucio, West, Rosson                              S.J.R. No. 10
                                SENATE JOINT RESOLUTION
    1-1  proposing a constitutional amendment authorizing the legislature to
    1-2  provide for the issuance of bonds to provide or guarantee surety
    1-3  bonds for historically underutilized businesses.
    1-4        BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Article XVI of the Texas Constitution is amended
    1-6  by adding Section 73 to read as follows:
    1-7        Sec. 73.  (a)  The legislature by law may establish a Texas
    1-8  historically underutilized business bonding fund to be used without
    1-9  further appropriation solely in furtherance of a program
   1-10  established by the legislature to provide surety bonds to
   1-11  historically underutilized businesses or guarantee surety bonds
   1-12  provided to historically underutilized businesses, as defined by
   1-13  the legislature.  The fund shall contain a program account, an
   1-14  interest and sinking account, and other accounts authorized by the
   1-15  legislature.  To carry out the program authorized by this
   1-16  subsection, the legislature may issue up to $50 million of general
   1-17  obligation bonds to provide funding for the fund.  The fund is
   1-18  composed of the proceeds of the bonds authorized by this
   1-19  subsection, surety bond fees, guarantee fees, and other amounts
   1-20  received from the issuance or guarantee of surety bonds made under
   1-21  this subsection, and any other amount required to be deposited in
   1-22  the fund by the legislature.
   1-23        (b)  The legislature may require review and approval of the
   1-24  issuance of bonds under this section, of the use of the bond
    2-1  proceeds, or of the rules adopted by an agency to govern use of the
    2-2  bond proceeds.  Notwithstanding any other provision of this
    2-3  constitution, any entity created or directed to conduct this review
    2-4  and approval may include members or appointees of members of the
    2-5  executive, legislative, and judicial departments of state
    2-6  government.
    2-7        (c)  Bonds authorized under this section constitute a general
    2-8  obligation of the state.  While any of the bonds or interest on the
    2-9  bonds is outstanding and unpaid, there is appropriated out of the
   2-10  first money coming into the treasury in each fiscal year not
   2-11  otherwise appropriated by this constitution the amount sufficient
   2-12  to pay the principal of and interest on the bonds that mature or
   2-13  become due during the fiscal year less any amount in any interest
   2-14  and sinking account at the end of the preceding fiscal year that is
   2-15  pledged to payment of the bonds or interest.
   2-16        SECTION 2.  This proposed amendment shall be submitted to the
   2-17  voters at an election to be held November 2, 1993.  The ballot
   2-18  shall be printed to provide for voting for or against the
   2-19  proposition:  "The constitutional amendment authorizing the
   2-20  legislature to provide for the issuance of $50 million of general
   2-21  obligation bonds for the recovery and further development of the
   2-22  state's economy, with the goal of increasing job opportunities and
   2-23  other benefits for Texas residents, through the state's provision
   2-24  and guarantee of surety bonds to historically underutilized
   2-25  businesses."