By Junell, Davis of Harris H.J.R. No. 97 A JOINT RESOLUTION 1-1 proposing a constitutional amendment authorizing the issuance of 1-2 general obligation bonds for construction and repair projects. 1-3 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Article III, Texas Constitution, is amended by 1-5 adding Section 50-f to read as follows: 1-6 Sec. 50-f. (a) The legislature by general law may authorize 1-7 the Texas Public Finance Authority to provide for, issue, and sell 1-8 general obligation bonds of the State of Texas in an amount not to 1-9 exceed $800 million and to enter into related credit agreements. 1-10 The bonds shall be executed in the form, on the terms, and in the 1-11 denominations, bear interest, and be issued in installments as 1-12 prescribed by the Texas Public Finance Authority. 1-13 (b) Proceeds from the sale of the bonds shall be deposited 1-14 in a separate fund or account within the state treasury created by 1-15 the comptroller for this purpose. Money in the separate fund or 1-16 account may be used only to pay for construction and repair 1-17 projects authorized by the legislature by general law or the 1-18 General Appropriations Act and administered by or on behalf of the 1-19 General Services Commission, the Texas Youth Commission, the Texas 1-20 Department of Criminal Justice, the Texas Department of Mental 1-21 Health and Mental Retardation, the Parks and Wildlife Department, 1-22 the adjutant general's department, the Texas School for the Deaf, 1-23 the Department of Agriculture, the Department of Public Safety of 1-24 the State of Texas, the State Preservation Board, the Texas School 2-1 for the Blind and Visually Impaired, the Texas Natural Resource 2-2 Conservation Commission, or the Texas Department of 2-3 Transportation. 2-4 (c) The maximum net effective interest rate to be borne by 2-5 bonds issued under this section may be set by general law. 2-6 (d) While any of the bonds or interest on the bonds 2-7 authorized by this section is outstanding and unpaid, from the 2-8 first money coming into the state treasury in each fiscal year not 2-9 otherwise appropriated by this constitution, an amount sufficient 2-10 to pay the principal and interest on bonds that mature or become 2-11 due during the fiscal year and to make payments that become due 2-12 under a related credit agreement during the fiscal year is 2-13 appropriated, less the amount in the sinking fund at the close of 2-14 the previous fiscal year. 2-15 (e) Bonds issued under this section, after approval by the 2-16 attorney general, registration by the comptroller of public 2-17 accounts, and delivery to the purchasers, are incontestable and are 2-18 general obligations of the State of Texas under this constitution. 2-19 SECTION 2. This proposed constitutional amendment shall be 2-20 submitted to the voters at an election to be held November 6, 2001. 2-21 The ballot shall be printed to permit voting for or against the 2-22 proposition: "The constitutional amendment authorizing the 2-23 issuance of up to $800 million in bonds payable from the general 2-24 revenues of the state for construction and repair projects."