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."