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."