By Price H.J.R. No. 128 74R8547 ESH-D A JOINT RESOLUTION 1-1 proposing the issuance of general obligation bonds for grants to 1-2 public school districts for school facilities needs or property tax 1-3 relief. 1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. This joint resolution proposes creation of state 1-6 debt, subject to approval by the voters, in the manner authorized 1-7 by Sections 49(b)-(f), Article III, Texas Constitution. 1-8 SECTION 2. If the proposition submitted to the voters under 1-9 this resolution is approved, the State Board of Education may 1-10 provide for, issue, and sell general obligation bonds of the state 1-11 in an amount not to exceed $2 billion to make grants as provided 1-12 by general law to school districts to acquire, construct, repair, 1-13 or renovate critically needed school facilities. The State Board 1-14 of Education may also use proceeds of the bonds to make grants to 1-15 school districts that must tax at an excessively high rate, as 1-16 determined by general law, to pay debt on existing facilities. 1-17 Payment of principal and interest on the bonds shall be 1-18 appropriated out of the general revenue fund. 1-19 SECTION 3. The proposal for issuance of bonds described by 1-20 this resolution shall be submitted to the voters at an election to 1-21 be held November 7, 1995. 1-22 SECTION 4. The proposition relating to these bonds shall 1-23 appear on the ballot immediately after any proposed constitutional 1-24 amendments and under the heading "State Bond Propositions." The 2-1 ballot shall be printed to permit voting for or against the 2-2 proposition: "Authorizing the State Board of Education to issue 2-3 and sell general obligation bonds in an amount not to exceed $2 2-4 billion to make grants to school districts for critically needed 2-5 school facilities or for repayment of debt on school facilities, 2-6 with payment of principal and interest being made from general 2-7 revenues."