77R11295 QS-D                          
         By Counts                                             H.J.R. No. 81
         Substitute the following for H.J.R. No. 81:
         By Wise                                           C.S.H.J.R. No. 81
                                 A JOINT RESOLUTION
 1-1     proposing a constitutional amendment providing for the issuance of
 1-2     additional general obligation bonds by the Texas Water Development
 1-3     Board.
 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-d-9 to read as follows:
 1-7           Sec. 49-d-9. (a)  The Texas Water Development Board may issue
 1-8     additional general obligation bonds, at its determination, for one
 1-9     or more accounts of the Texas Water Development Fund II, in an
1-10     amount not to exceed $2 billion.
1-11           (b)  Section 49-d-8 of this article applies to the bonds
1-12     authorized by this section.  The limitation in Section 49-d-8 of
1-13     this article that the Texas Water Development Board may not issue
1-14     bonds in excess of the aggregate principal amount of previously
1-15     authorized bonds does not apply to the bonds authorized by and
1-16     issued under this section.
1-17           (c)  A limitation on the percentage of state participation in
1-18     any single project imposed by this article does not apply to a
1-19     project funded with the proceeds of bonds issued under the
1-20     authority of Section 49-d-8 of this article or this section.
1-21           SECTION 2. This proposed constitutional amendment shall be
1-22     submitted to the voters at an election to be held November 6, 2001.
 2-1     The ballot shall be printed to provide for voting for or against
 2-2     the proposition: "The constitutional amendment providing for the
 2-3     issuance of additional general obligation bonds by the Texas Water
 2-4     Development Board in an amount not to exceed $2 billion."