SRC-AXB S.J.R. 44 76(R)   BILL ANALYSIS


Senate Research Center   S.J.R. 44
76R9930 JJT-DBy: Fraser
Finance
4/15/1999
As Filed


DIGEST 

In June 1998, the National Trust for Historic Preservation added 225
historic Texas courthouses to its annual list of "America's 11 Most
Endangered Historic Places."  Historic courthouses are symbols of strength,
pride, progress, and democracy, and Texas has more of these centers of
government and economic activity than any other state.  Due to the newly
realized endangered status of Texas courthouses, an initiative has been
proposed to create a matching grant program to repair and restore historic
courthouses of Texas.  S.J.R. 44 requires the submission to the voters of a
constitutional amendment to authorize the issuance of general obligation
bonds to finance grants for the Texas Courthouse Preservation Initiative. 

PURPOSE

As proposed, S.J.R. 44 requires the submission to the voters of a
constitutional amendment to authorize the issuance of general obligation
bonds to finance grants for the restoration of historic county courthouses. 

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 Article III, Texas Constitution, by adding Section 49-k,
as follows: 

Sec.  49-k.  Authorizes the legislature to authorize the issuance and sale
of general obligation bonds in an amount not to exceed $300 million.
Requires the bonds to be issued and sold as prescribed by law.  Requires
the bonds to bear a prescribed rate of interest, except a maximum net
effective interest rate may be set by the legislature.  Provides that the
obligation to make payments with respect to the principal of or interest on
the bonds shall also constitute a general obligation of the state.  Sets
forth appropriation limitations for the money received from the sale of the
bonds.  Authorizes the establishment of a program for providing grants,
matching grants, or loans to entities that own historic courthouses.  Sets
forth appropriation procedures for outstanding and unpaid bonds. 

SECTION 2.   Requires this proposed constitutional amendment to be
submitted to the voters at an election to be held on November 2, 1999.
Sets forth the required language for the ballot.