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."