By Thompson                                          H.J.R. No. 109
       74R2645 GCH-D
                                  A JOINT RESOLUTION
    1-1  proposing a constitutional amendment authorizing the issuance of
    1-2  general obligation bonds for grants to local programs to combat
    1-3  juvenile crime.
    1-4        BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Article III, Texas Constitution, is amended by
    1-6  adding Section 50-f to read as follows:
    1-7        Sec. 50-f.  (a) The legislature by general law may authorize
    1-8  the Texas Public Finance Authority to provide for, issue, and sell
    1-9  general obligation bonds of the State of Texas in an amount not to
   1-10  exceed $12 million.  The bonds shall be executed in the form, on
   1-11  the terms, and in the denominations, bear interest, and be issued
   1-12  in installments as prescribed by the Texas Public Finance
   1-13  Authority.
   1-14        (b)  Proceeds from the sale of the bonds shall be deposited
   1-15  with the state treasurer in the juvenile crime initiative fund.
   1-16  The fund shall be administered, without the necessity of
   1-17  legislative appropriation, by the Texas Juvenile Probation
   1-18  Commission, in the manner prescribed by law, to provide grants to
   1-19  innovative locally initiated and administered programs designed to
   1-20  prevent juvenile crime or to rehabilitate juvenile offenders.
   1-21        (c)  The maximum net effective interest rate to be borne by
   1-22  bonds issued under this section must be set by law.
   1-23        (d)  While any of the bonds or interest on the bonds
   1-24  authorized by this section is outstanding and unpaid, from the
    2-1  first money coming into the state treasury in each fiscal year not
    2-2  otherwise appropriated by this constitution, an amount sufficient
    2-3  to pay the principal and interest on bonds that mature or become
    2-4  due during the fiscal year is appropriated, less the amount in the
    2-5  sinking fund at the close of the  previous fiscal year.
    2-6        (e)  Bonds issued under this section, after approval by the
    2-7  attorney general, registration by the comptroller of public
    2-8  accounts, and delivery to the purchasers, are incontestable and are
    2-9  general obligations of the State of Texas under this constitution.
   2-10        SECTION 2.  This proposed constitutional amendment shall be
   2-11  submitted to the voters at an election to be held November 7, 1995.
   2-12  The ballot shall be printed to permit voting for or against the
   2-13  proposition:  "The constitutional amendment authorizing the
   2-14  issuance of up to $12 million in bonds payable from the general
   2-15  revenues of the state for grants to local programs to combat
   2-16  juvenile crime."