1-1     By:  Junell, Davis of Harris                          H.J.R. No. 97
 1-2          (Senate Sponsor - Ellis)
 1-3           (In the Senate - Received from the House May 2, 2001;
 1-4     May 3, 2001, read first time and referred to Committee on Finance;
 1-5     May 9, 2001, reported adversely, with favorable Committee
 1-6     Substitute by the following vote:  Yeas 12, Nays 0; May 9, 2001,
 1-7     sent to printer.)
 1-8     COMMITTEE SUBSTITUTE FOR H.J.R. No. 97                   By:  Ellis
 1-9                           HOUSE JOINT RESOLUTION
1-10     proposing a constitutional amendment authorizing the issuance of
1-11     general obligation bonds for construction and repair projects and
1-12     for the purchase of needed equipment.
1-13           BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-14           SECTION 1.  Article III, Texas Constitution, is amended by
1-15     adding Section 50-f to read as follows:
1-16           Sec. 50-f.  (a) The legislature by general law may authorize
1-17     the Texas Public Finance Authority to provide for, issue, and sell
1-18     general obligation bonds of the State of Texas in an amount not to
1-19     exceed $850 million and to enter into related credit agreements.
1-20     The bonds shall be executed in the form, on the terms, and in the
1-21     denominations, bear interest, and be issued in installments as
1-22     prescribed by the Texas Public Finance Authority.
1-23           (b)  Proceeds from the sale of the bonds shall be deposited
1-24     in a separate fund or account within the state treasury created by
1-25     the comptroller for this purpose.  Money in the separate fund or
1-26     account may be used only to pay for:
1-27                 (1)  construction and repair projects authorized by the
1-28     legislature by general law or the General Appropriations Act and
1-29     administered by or on behalf of the General Services Commission,
1-30     the Texas Youth Commission, the Texas Department of Criminal
1-31     Justice, the Texas Department of Mental Health and Mental
1-32     Retardation, the Parks and Wildlife Department, the adjutant
1-33     general's department, the Texas School for the Deaf, the Department
1-34     of Agriculture, the Department of Public Safety of the State of
1-35     Texas, the State Preservation Board, or the Texas School for the
1-36     Blind and Visually Impaired; or
1-37                 (2)  the purchase, as authorized by the legislature by
1-38     general law or the General Appropriations Act, of needed equipment
1-39     by or on behalf of a state agency listed in Subdivision (1) of this
1-40     subsection.
1-41           (c)  The maximum net effective interest rate to be borne by
1-42     bonds issued under this section may be set by general law.
1-43           (d)  While any of the bonds or interest on the bonds
1-44     authorized by this section is outstanding and unpaid, from the
1-45     first money coming into the state treasury in each fiscal year not
1-46     otherwise appropriated by this constitution, an amount sufficient
1-47     to pay the principal and interest on bonds that mature or become
1-48     due during the fiscal year and to make payments that become due
1-49     under a related credit agreement during the fiscal year is
1-50     appropriated, less the amount in the sinking fund at the close of
1-51     the previous fiscal year.
1-52           (e)  Bonds issued under this section, after approval by the
1-53     attorney general, registration by the comptroller of public
1-54     accounts, and delivery to the purchasers, are incontestable and are
1-55     general obligations of the State of Texas under this constitution. 
1-56           SECTION 2.  This proposed constitutional amendment shall be
1-57     submitted to the voters at an election to be held November 6, 2001.
1-58     The ballot shall be printed to permit voting for or against the
1-59     proposition:  "The constitutional amendment authorizing the
1-60     issuance of up to $850 million in bonds payable from the general
1-61     revenues of the state for construction and repair projects and for
1-62     the purchase of needed equipment."
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