By Fraser                                             S.J.R. No. 44
         76R9930 JJT-D                           
                                 A JOINT RESOLUTION
 1-1     proposing a constitutional amendment providing for the issuance of
 1-2     general obligation bonds to finance grants for the restoration of
 1-3     county courthouses.
 1-4           BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  Article III, Texas Constitution, is amended by
 1-6     adding Section 49-k to read as follows:
 1-7           Sec. 49-k.  (a)  The legislature by general law may authorize
 1-8     the issuance and sale of general obligation bonds of the state in
 1-9     an amount not to exceed $300 million.  The bonds shall be issued
1-10     and sold in forms, in denominations, on terms, at times, in the
1-11     manner, at places, and in installments as prescribed by law.  The
1-12     bonds shall bear a rate or rates of interest as prescribed by law,
1-13     except that the legislature by general law shall set the maximum
1-14     net effective interest rate the bonds may bear.
1-15           (b)  The obligation under an agreement to make payments with
1-16     respect to the principal of or interest on the bonds shall also
1-17     constitute a general obligation of the state.
1-18           (c)  All money received from the sale of the bonds may be
1-19     appropriated  only:
1-20                 (1)  to finance grants or loans for the preservation or
1-21     restoration of historic county courthouses owned by counties or
1-22     nonprofit organizations as provided by general law; or
1-23                 (2)  to pay costs related to the issuance and sale of
1-24     the bonds.
 2-1           (d)  The legislature by general law may establish a program
 2-2     for providing grants, matching grants, or loans to counties or
 2-3     nonprofit organizations that own historic courthouses.
 2-4           (e)  While any of the bonds issued as authorized by this
 2-5     section, or interest on those bonds, is outstanding and unpaid,
 2-6     there is appropriated out of the first money coming into the
 2-7     treasury in each fiscal year, not otherwise appropriated by this
 2-8     constitution, the amount sufficient to pay the principal of and
 2-9     interest on the bonds that mature or become due during the fiscal
2-10     year, including payments made during the fiscal year under bond
2-11     enhancement agreements with respect to the principal of and
2-12     interest on the bonds.
2-13           SECTION 2.  This proposed constitutional amendment shall be
2-14     submitted to the voters at an election to be held November 2, 1999.
2-15     The ballot shall be printed to permit voting for or against the
2-16     proposition: "The constitutional amendment authorizing issuance of
2-17     general obligation bonds not to exceed $300 million to finance
2-18     grants and loans for the preservation and restoration of county
2-19     courthouses in the state."