1-1     By:  Fraser                                           S.J.R. No. 44
 1-2           (In the Senate - Filed April 8, 1999; April 8, 1999, read
 1-3     first time and referred to Committee on Finance; April 23, 1999,
 1-4     reported favorably by the following vote:  Yeas 9, Nays 0;
 1-5     April 23, 1999, sent to printer.)
 1-6                           SENATE JOINT RESOLUTION
 1-7     proposing a constitutional amendment providing for the issuance of
 1-8     general obligation bonds to finance grants and loans for the
 1-9     restoration of county courthouses.
1-10           BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Article III, Texas Constitution, is amended by
1-12     adding Section 49-k to read as follows:
1-13           Sec. 49-k.  (a)  The legislature by general law may authorize
1-14     the issuance and sale of general obligation bonds of the state in
1-15     an amount not to exceed $300 million.  The bonds shall be issued
1-16     and sold in forms, in denominations, on terms, at times, in the
1-17     manner, at places, and in installments as prescribed by law.  The
1-18     bonds shall bear a rate or rates of interest as prescribed by law,
1-19     except that the legislature by general law shall set the maximum
1-20     net effective interest rate the bonds may bear.
1-21           (b)  The obligation under an agreement to make payments with
1-22     respect to the principal of or interest on the bonds shall also
1-23     constitute a general obligation of the state.
1-24           (c)  All money received from the sale of the bonds may be
1-25     appropriated  only:
1-26                 (1)  to finance grants or loans for the preservation or
1-27     restoration of historic county courthouses owned by counties or
1-28     nonprofit organizations as provided by general law; or
1-29                 (2)  to pay costs related to the issuance and sale of
1-30     the bonds.
1-31           (d)  The legislature by general law may establish a program
1-32     for providing grants, matching grants, or loans to counties or
1-33     nonprofit organizations that own historic courthouses.
1-34           (e)  While any of the bonds issued as authorized by this
1-35     section, or interest on those bonds, is outstanding and unpaid,
1-36     there is appropriated out of the first money coming into the
1-37     treasury in each fiscal year, not otherwise appropriated by this
1-38     constitution, the amount sufficient to pay the principal of and
1-39     interest on the bonds that mature or become due during the fiscal
1-40     year, including payments made during the fiscal year under bond
1-41     enhancement agreements with respect to the principal of and
1-42     interest on the bonds.
1-43           SECTION 2.  This proposed constitutional amendment shall be
1-44     submitted to the voters at an election to be held November 2, 1999.
1-45     The ballot shall be printed to permit voting for or against the
1-46     proposition:  "The constitutional amendment authorizing issuance of
1-47     general obligation bonds not to exceed $300 million to finance
1-48     grants and loans for the preservation and restoration of county
1-49     courthouses in the state."
1-50                                  * * * * *