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."