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 * * * * *