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."