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."