By Lucio                                              S.J.R. No. 37
         77R9106 T                           
                                 A JOINT RESOLUTION
 1-1     proposing a constitutional amendment authorizing the issuance of
 1-2     obligations to provide financial assistance to counties for
 1-3     roadways to serve colonias.
 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 49-1 to read as follows:
 1-7           Sec. 49-1. The Texas Public Finance Authority or its
 1-8     successor is authorized to issue and sell public securities in an
 1-9     amount not to exceed $175 million, and enter into related credit
1-10     agreements in the manner and form as now or hereafter may be
1-11     specified by the Legislature in general law for the issuance of
1-12     public securities.  The proceeds of the securities authorized in
1-13     this section may be used to provide financial assistance to
1-14     counties for projects to construct, reconstruct, acquire, improve,
1-15     or develop roadways in, around, or near colonias.  The specific
1-16     counties and projects to be provided financial assistance and the
1-17     amount of the assistance to each shall be determined in accordance
1-18     with administrative procedures established by the Office of the
1-19     Governor.  The securities authorized under this section constitute
1-20     a general obligation of the state.  While any of the securities
1-21     authorized herein are outstanding and unpaid, there is appropriated
1-22     out of the first money coming into the treasury in each fiscal
1-23     year, not otherwise appropriated by this constitution, the amount
1-24     sufficient to pay the principal of and interest on the obligations,
 2-1     including payments under a related credit agreement.
 2-2           SECTION 2.  This constitutional amendment shall be submitted
 2-3     to the voters at the general election to be held on November 6,
 2-4     2001.  The ballot shall be printed to permit voting for or against
 2-5     the proposition:  "The constitutional amendment authorizing the
 2-6     issuance of bonds, notes, or other public securities to provide
 2-7     financial assistance to counties to construct, reconstruct,
 2-8     acquire, develop, or improve roadways for colonias."