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."