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."