SRC-CTC S.J.R. 37 77(R)   BILL ANALYSIS


Senate Research Center   S.J.R. 37
77R9106 TBy: Lucio
Business & Commerce
3/25/2001
As Filed


DIGEST AND PURPOSE 

Currently, unscrupulous development and substandard housing conditions
along the Texas-Mexico border are prohibited by state law.  However, many
neighborhoods, known as colonias, were built in this region prior to 1989
when legislative reform began.  Since little is available or affordable to
the residents of these colonias, many Texas residents continue to live in
neighborhoods without basic services.  As proposed, S.J.R. 37 authorizes
the issuance of general obligation bonds to aid counties in roadway
improvement projects to serve colonias. 

RULEMAKING AUTHORITY

This bill does not expressly 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 49-1,
as follows: 

Sec. 49-1.  Authorizes the Texas Public Finance Authority or its successor
to issue and sell public securities in an amount not to exceed $175
million, and enter into related credit agreements in the manner and form as
now or hereafter may be specified by the legislature in general law for the
issuance of public securities.  Authorizes the proceeds of the securities
authorized in this section to be used to provide financial assistance to
counties for projects to construct, reconstruct, acquire, improve, or
develop roadways in, around, or near colonias. Requires the specific
counties and projects to be provided financial assistance and the amount of
the assistance to each to be determined in accordance with administrative
procedures established by the Office of the Governor.  Provides that the
securities authorized under this section constitute a general obligation of
the state.  Provides that, while any of the securities authorized herein
are outstanding and unpaid, there is appropriated out of the first money
coming into the treasury that is not otherwise appropriated by this
constitution in each fiscal year the amount sufficient to pay the principal
of and interest on the obligations, including payments under a related
credit agreement. 

SECTION 2.  Requires that this constitutional amendment be put before the
voters in an election on November 6, 2001.  Requires the ballot to be
printed to permit a person to vote for or against the proposition and sets
forth specific wording to be contained on the ballot.