By Junell H.J.R. No. 97
77R9182 JRD-D
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 $10 million. The bonds shall be executed in the form, on
1-10 the terms, and in the denominations, bear interest, and be issued
1-11 in installments as prescribed by the Texas Public Finance
1-12 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 administered by the General Services Commission, the Texas
1-18 Youth Commission, the Texas Department of Criminal Justice, the
1-19 Texas Department of Mental Health and Mental Retardation, and the
1-20 Parks and Wildlife Department.
1-21 (c) The maximum net effective interest rate to be borne by
1-22 bonds issued under this section may be set by general law.
1-23 (d) While any of the bonds or interest on the bonds
1-24 authorized by this section is outstanding and unpaid, from the
2-1 first money coming into the state treasury in each fiscal year not
2-2 otherwise appropriated by this constitution, an amount sufficient
2-3 to pay the principal and interest on bonds that mature or become
2-4 due during the fiscal year is appropriated, less the amount in the
2-5 sinking fund at the close of the previous fiscal year.
2-6 (e) Bonds issued under this section, after approval by the
2-7 attorney general, registration by the comptroller of public
2-8 accounts, and delivery to the purchasers, are incontestable and are
2-9 general obligations of the State of Texas under this constitution.
2-10 SECTION 2. This proposed constitutional amendment shall be
2-11 submitted to the voters at an election to be held November 6, 2001.
2-12 The ballot shall be printed to permit voting for or against the
2-13 proposition: "The constitutional amendment authorizing the
2-14 issuance of up to $10 million in bonds payable from the general
2-15 revenues of the state for construction and repair projects."