S.J.R. No. 51
SENATE JOINT RESOLUTION
1-1 proposing a constitutional amendment relating to the use of
1-2 proceeds of bonds issued for financing of farm and ranch land.
1-3 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 49-f, Article III, Texas Constitution, is
1-5 amended by amending Subsection (b) and by adding Subsection (g) to
1-6 read as follows:
1-7 (b) Except as provided by Subsection (g) of this section,
1-8 all <All> money received from the sale of the bonds shall be
1-9 deposited in a fund created with the state treasurer to be known as
1-10 the farm and ranch finance program fund. This fund shall be
1-11 administered by the Texas Agricultural Finance Authority <Veterans'
1-12 Land Board> in the manner prescribed by law.
1-13 (g) Notwithstanding Subsection (a) of this section, the
1-14 proceeds of $200 million of the bonds authorized by this section
1-15 may be used for the purposes provided by Section 49-i of this
1-16 article and for other rural economic development programs, and the
1-17 proceeds of bonds issued for those purposes under this subsection
1-18 shall be deposited in the Texas agricultural fund, to be
1-19 administered in the same manner that proceeds of bonds issued under
1-20 Section 49-i of this article are administered.
1-21 SECTION 2. This proposed constitutional amendment shall be
1-22 submitted to the voters at an election to be held on November 7,
1-23 1995. The ballot shall be printed to permit voting for or against
1-24 the proposition: "The constitutional amendment allowing the use of
2-1 existing bond authority of the farm and ranch finance program to
2-2 include financial assistance for the expansion, development, and
2-3 diversification of production, processing, marketing, and export of
2-4 Texas agricultural products."