By: Harris of Dallas, Lucio S.J.R. No. 44
SENATE JOINT RESOLUTION
1-1 proposing constitutional amendments providing for the issuance of
1-2 general obligation bonds for the development of businesses in the
1-3 state and the economic development of the state.
1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Article III, Section 49-i(b), of the Texas
1-6 Constitution is amended to read as follows:
1-7 (b) The principal amount of bonds authorized to be issued
1-8 and to be sold <outstanding at one time> may not exceed $100 <$25>
1-9 million for the Texas agricultural fund and $5 million for the
1-10 rural microenterprise development fund.
1-11 SECTION 2. Article XVI of the Texas Constitution is amended
1-12 by adding Section 73 to read as follows:
1-13 Sec. 73. (a) The legislature by law may establish a
1-14 business start-up and small business development fund to be used
1-15 without further appropriation solely in furtherance of a program
1-16 established by the legislature to provide loans and loan guarantees
1-17 to promote small business development, capital growth, and business
1-18 start-up in the state. The fund shall contain a program account,
1-19 an interest and sinking account, and other accounts authorized by
1-20 the legislature. To carry out the program authorized by this
1-21 subsection, the legislature may issue up to $100 million of general
1-22 obligation bonds to provide funding for the fund. The fund is
1-23 composed of the proceeds of the bonds authorized by this
1-24 subsection, loan and loan guarantee fees and other amounts received
2-1 from loans and loan guarantees made under this subsection, and any
2-2 other amount required to be deposited in the fund by the
2-3 legislature.
2-4 (b) The legislature may require review and approval of the
2-5 issuance of bonds under this section, of the use of the bond
2-6 proceeds, or of the rules adopted by an agency to govern use of the
2-7 bond proceeds. Notwithstanding any other provision of this
2-8 constitution, any entity created or directed to conduct this review
2-9 and approval may include members or appointees of members of the
2-10 executive, legislative, and judicial departments of state
2-11 government.
2-12 (c) Bonds authorized under this section constitute a general
2-13 obligation of the state. While any of the bonds or interest on the
2-14 bonds is outstanding and unpaid, there is appropriated out of the
2-15 first money coming into the treasury in each fiscal year, not
2-16 otherwise appropriated by this constitution, the amount sufficient
2-17 to pay the principal of and interest on the bonds that mature or
2-18 become due during the fiscal year, less any amount in any interest
2-19 and sinking account at the end of the preceding fiscal year that is
2-20 pledged to payment of the bonds or interest.
2-21 SECTION 3. The constitutional amendment proposed by Section
2-22 1 of this joint resolution shall be submitted to the voters at an
2-23 election to be held on November 2, 1993. The ballot shall be
2-24 printed to provide for voting for or against the proposition: "The
2-25 constitutional amendment authorizing up to $100 million in general
2-26 obligation bonds to finance the Texas agricultural fund for
2-27 providing financial assistance to develop, increase, improve, or
3-1 expand the production, processing, marketing, or export of crops or
3-2 products grown or produced primarily in this state by agricultural
3-3 businesses domiciled in the state."
3-4 SECTION 4. The constitutional amendment proposed by Section
3-5 2 of this joint resolution shall be submitted to the voters at an
3-6 election to be held on November 2, 1993. The ballot shall be
3-7 printed to provide for voting for or against the proposition: "The
3-8 constitutional amendment authorizing up to $100 million in general
3-9 obligation bonds to finance the business start-up and small
3-10 business development fund for providing financial assistance to
3-11 promote economic development, capital growth, and business start-up
3-12 in the state."