A JOINT RESOLUTION
1-1 proposing a constitutional amendment authorizing the issuance of
1-2 general obligation bonds for construction and repair projects and
1-3 for the purchase of needed equipment.
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 50-f to read as follows:
1-7 Sec. 50-f. (a) The legislature by general law may authorize
1-8 the Texas Public Finance Authority to provide for, issue, and sell
1-9 general obligation bonds of the State of Texas in an amount not to
1-10 exceed $850 million and to enter into related credit agreements.
1-11 The bonds shall be executed in the form, on the terms, and in the
1-12 denominations, bear interest, and be issued in installments as
1-13 prescribed by the Texas Public Finance Authority.
1-14 (b) Proceeds from the sale of the bonds shall be deposited
1-15 in a separate fund or account within the state treasury created by
1-16 the comptroller for this purpose. Money in the separate fund or
1-17 account may be used only to pay for:
1-18 (1) construction and repair projects authorized by the
1-19 legislature by general law or the General Appropriations Act and
1-20 administered by or on behalf of the General Services Commission,
1-21 the Texas Youth Commission, the Texas Department of Criminal
1-22 Justice, the Texas Department of Mental Health and Mental
1-23 Retardation, the Parks and Wildlife Department, the adjutant
1-24 general's department, the Texas School for the Deaf, the Department
2-1 of Agriculture, the Department of Public Safety of the State of
2-2 Texas, the State Preservation Board, the Texas Department of
2-3 Health, the Texas Historical Commission, or the Texas School for
2-4 the Blind and Visually Impaired; or
2-5 (2) the purchase, as authorized by the legislature by
2-6 general law or the General Appropriations Act, of needed equipment
2-7 by or on behalf of a state agency listed in Subdivision (1) of this
2-8 subsection.
2-9 (c) The maximum net effective interest rate to be borne by
2-10 bonds issued under this section may be set by general law.
2-11 (d) While any of the bonds or interest on the bonds
2-12 authorized by this section is outstanding and unpaid, from the
2-13 first money coming into the state treasury in each fiscal year not
2-14 otherwise appropriated by this constitution, an amount sufficient
2-15 to pay the principal and interest on bonds that mature or become
2-16 due during the fiscal year and to make payments that become due
2-17 under a related credit agreement during the fiscal year is
2-18 appropriated, less the amount in the sinking fund at the close of
2-19 the previous fiscal year.
2-20 (e) Bonds issued under this section, after approval by the
2-21 attorney general, registration by the comptroller of public
2-22 accounts, and delivery to the purchasers, are incontestable and are
2-23 general obligations of the State of Texas under this constitution.
2-24 SECTION 2. This proposed constitutional amendment shall be
2-25 submitted to the voters at an election to be held November 6, 2001.
2-26 The ballot shall be printed to permit voting for or against the
2-27 proposition: "The constitutional amendment authorizing the
3-1 issuance of up to $850 million in bonds payable from the general
3-2 revenues of the state for construction and repair projects and for
3-3 the purchase of needed equipment."
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.J.R. No. 97 was passed by the House on May
1, 2001, by the following vote: Yeas 140, Nays 2, 2 present, not
voting; that the House refused to concur in Senate amendments to
H.J.R. No. 97 on May 17, 2001, by a non-record vote and requested
the appointment of a conference committee to consider the
differences between the two houses; and that the House adopted the
conference committee report on H.J.R. No. 97 on May 24, 2001, by
the following vote: Yeas 141, Nays 0, 1 present, not voting.
_______________________________
Chief Clerk of the House
I certify that H.J.R. No. 97 was passed by the Senate, with
amendments, on May 15, 2001, by the following vote: Yeas 29, Nays
0, 1 present, not voting; at the request of the House, the Senate
appointed a conference committee to consider the differences
between the two houses; and that the Senate adopted the conference
committee report on H.J.R. No. 97 on May 26, 2001, by the following
vote: Yeas 30, Nays 0, 1 present, not voting.
_______________________________
Secretary of the Senate
RECEIVED:
______________________
Date
______________________
Secretary of State