SRC-MAX S.J.R. 16 75(R)    BILL ANALYSIS


Senate Research CenterS.J.R. 16
By: Brown
Natural Resources
3-5-97
As Filed


DIGEST 

Currently,  the Texas Water Development Board (board) is required to
pre-fund a reserve within the I&S fund for Agricultural Water Conservation
Bonds at the end of each fiscal year for the payment of next year's debt
service.  This bill  will allow the board to utilize loan repayments
coming into the fund after the end of the fiscal year to make bond debt
service payments.    

PURPOSE

As proposed, S.J.R. 16 requires the submission to the voters of a
constitutional amendment to provide certain conditions for the flow of
funds for repayment of Texas agricultural water conservation bonds.  

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Section 50-d(c), Article III, Texas Constitution, to
delete the language mandating the deduction of the amount of the sinking
fund at the close of the prior fiscal year from the state's obligations
toward repaying water conservation bonds.   

SECTION 2. Requires this proposed constitutional amendment to be submitted
to the voters at an election to be held November 4, 1997.  Sets forth the
required language for the ballot.