By:  Lucio                                            S.J.R. No. 10
       73R2358 CAE-F
                                  A JOINT RESOLUTION
    1-1  proposing a constitutional amendment authorizing the legislature to
    1-2  provide for the issuance of bonds to provide surety bonds for
    1-3  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, as defined by the
   1-12  legislature.  The fund shall contain a program account, an interest
   1-13  and sinking account, and other accounts authorized by the
   1-14  legislature.  To carry out the program authorized by this
   1-15  subsection, the legislature may issue up to $50 million of general
   1-16  obligation bonds to provide funding for the fund.  The fund is
   1-17  composed of the proceeds of the bonds authorized by this
   1-18  subsection, surety bond fees and other amounts received from the
   1-19  issuance of surety bonds made under this subsection, and any other
   1-20  amount required to be deposited in the fund by the legislature.
   1-21        (b)  The legislature may require review and approval of the
   1-22  issuance of bonds under this section, of the use of the bond
   1-23  proceeds, or of the rules adopted by an agency to govern use of the
   1-24  bond proceeds.  Notwithstanding any other provision of this
    2-1  constitution, any entity created or directed to conduct this review
    2-2  and approval may include members, or appointees of members, of the
    2-3  executive, legislative, and judicial departments of state
    2-4  government.
    2-5        (c)  Bonds authorized under this section constitute a general
    2-6  obligation of the state.  While any of the bonds or interest on the
    2-7  bonds is outstanding and unpaid, there is appropriated out of the
    2-8  first money coming into the treasury in each fiscal year, not
    2-9  otherwise appropriated by this constitution, the amount sufficient
   2-10  to pay the principal of and interest on the bonds that mature or
   2-11  become due during the fiscal year, less any amount in any interest
   2-12  and sinking account at the end of the preceding fiscal year that is
   2-13  pledged to payment of the bonds or interest.
   2-14        SECTION 2.  This proposed amendment shall be submitted to the
   2-15  voters at an election to be held November 2, 1993.  The ballot
   2-16  shall be printed to provide for voting for or against the
   2-17  proposition:  "The constitutional amendment authorizing the
   2-18  legislature to provide for the issuance of $50 million of general
   2-19  obligation bonds for the recovery and further development of the
   2-20  state's economy, with goals of increasing job opportunities and
   2-21  other benefits for Texas residents, through the state's provision
   2-22  of surety bonds to historically underutilized businesses."