By: Rosson S.J.R. No. 50
SENATE JOINT RESOLUTION
1-1 relating to proposing a constitutional amendment authorizing the
1-2 legislature to provide for the issuance of bonds and state
1-3 financing to encourage and assist compliance with federal and state
1-4 air quality requirements.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Article III of the Texas Constitution is amended
1-7 by adding Section 49-i to read as follows:
1-8 Section 49-i. Air Quality Improvement Fund; Bond Issue.
1-9 (a) The legislature may by law provide for the issuance of general
1-10 obligation bonds or other obligations of the state for the purpose
1-11 of providing money to establish a Texas air quality improvement
1-12 fund in the state treasury to be used without further appropriation
1-13 as provided by law to provide financial assistance to persons,
1-14 municipal corporations, and political subdivisions of this state to
1-15 encourage and assist in compliance with federal and state air
1-16 quality requirements. The financial assistance offered by the fund
1-17 may include loans, loan guarantees, indirect loans or purchases, or
1-18 acceptances of assignments of loans or other obligations. Funds
1-19 that are not required for the payment of the principal and interest
1-20 on the general obligation bonds may be used, to the extent not
1-21 inconsistent with the proceedings authorizing the bonds, to pay the
1-22 principal and interest on revenue bonds issued for the same
1-23 purposes or make bond enhancement payments with respect to the
2-1 bonds.
2-2 (b) Financial assistance may be provided for the
2-3 construction, acquisition, or installation of real or personal
2-4 property used for the prevention, monitoring, control, or reduction
2-5 of air pollution:
2-6 (1) to meet or exceed air quality requirements under
2-7 the laws or regulations of the United States, this state, or any
2-8 political subdivision of this state; or
2-9 (2) to enable the owner or user of such real or
2-10 personal property to obtain air quality compliance credits or
2-11 similar incentives under the laws or regulations of the United
2-12 States, this state, or any political subdivision of this state.
2-13 (c) The principal amount of bonds or other obligations
2-14 outstanding at any one time may not exceed $500 million.
2-15 (d) The legislature may establish an interest and sinking
2-16 fund account and other accounts within the Texas air quality
2-17 assistance fund. The legislature may provide for the investment of
2-18 obligations proceeds and of the interest and sinking accounts.
2-19 Income from the investment of the fund that is not immediately
2-20 committed to the payment of the principal and interest on the
2-21 general obligation bonds or other obligations or the provision of
2-22 financial assistance may be used for the purpose of improving air
2-23 quality in the state, as provided by law.
2-24 (e) Bonds and other obligations authorized under this
2-25 section constitute a general obligation of the state. While any of
3-1 the general obligation bonds or other obligations or interest
3-2 thereon is outstanding and unpaid, there is appropriated out of the
3-3 first money coming into the treasury in each fiscal year, not
3-4 otherwise appropriated by this constitution, the amount sufficient
3-5 to pay the principal and interest on the general obligation bonds
3-6 or other obligations that mature or become due during the fiscal
3-7 year, less any amounts in the interest and sinking fund accounts at
3-8 the close of the preceding fiscal year that are pledged to payment
3-9 of the general obligation bonds or other obligations or interest
3-10 thereon.
3-11 SECTION 2. The legislature finds that the reduction and
3-12 prevention of air pollution in this state are essential for the
3-13 public health and economic development of Texas and its citizens.
3-14 Air quality requirements of federal and state law and local
3-15 regulations cannot be met without extensive private participation
3-16 at considerable cost.
3-17 SECTION 3. This proposed constitutional amendment shall be
3-18 submitted to the voters at an election to be held November 7, 1995.
3-19 The ballot shall be printed to provide for voting for or against
3-20 the proposition: "The constitutional amendment to promote air
3-21 quality and encourage the preservation of jobs by authorizing the
3-22 issuance of debt to provide loans to individuals, firms,
3-23 municipalities, and other political subdivisions to build, acquire,
3-24 or install real or personal property required to meet federal,
3-25 state, or local air quality requirements or to qualify for
4-1 incentives available under air quality management programs."
4-2 SECTION 4. EMERGENCY. The importance of this legislation
4-3 and the crowded condition of the calendars in both houses create an
4-4 emergency and an imperative public necessity that the
4-5 constitutional rule requiring bills to be read on three several
4-6 days in each house be suspended, and this rule is hereby suspended.