1-1 By: Lucio, et al. S.J.R. No. 37 1-2 (In the Senate - Filed March 8, 2001; March 13, 2001, read 1-3 first time and referred to Committee on Business and Commerce; 1-4 April 9, 2001, reported adversely, with favorable Committee 1-5 Substitute by the following vote: Yeas 6, Nays 1; April 9, 2001, 1-6 sent to printer.) 1-7 COMMITTEE SUBSTITUTE FOR S.J.R. No. 37 By: Lucio 1-8 SENATE JOINT RESOLUTION 1-9 proposing a constitutional amendment authorizing the issuance of 1-10 general obligation bonds to provide financial assistance to 1-11 counties for roadway projects to serve border colonias. 1-12 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-13 SECTION 1. Article III, Texas Constitution, is amended by 1-14 adding Section 49-l to read as follows: 1-15 Sec. 49-l. (a) To fund financial assistance to counties for 1-16 roadways to serve border colonias, the legislature by general law 1-17 may authorize the governor to authorize the Texas Public Finance 1-18 Authority or its successor to issue general obligation bonds of the 1-19 State of Texas in an aggregate amount not to exceed $175 million 1-20 and to enter into related bond enhancement agreements. Except as 1-21 provided by Subsection (c) of this section, the proceeds from the 1-22 sale of the bonds may be used only to provide financial assistance 1-23 to counties for projects to provide access roads to connect border 1-24 colonias with public roads. Projects may include the construction 1-25 of colonia access roads, the acquisition of materials used in 1-26 maintaining colonia access roads, and projects related to the 1-27 construction of colonia access roads, such as projects for the 1-28 drainage of the roads. 1-29 (b) The Texas Transportation Commission may, in its 1-30 discretion and in consultation with the office of the governor, 1-31 determine what constitutes a border colonia for purposes of 1-32 selecting the counties and projects that may receive assistance 1-33 under this section. 1-34 (c) A portion of the proceeds from the sale of the bonds and 1-35 a portion of the interest earned on the bonds may be used to pay 1-36 the costs of administering projects authorized under this section. 1-37 (d) The bonds authorized under this section constitute a 1-38 general obligation of the state. While any of the bonds or 1-39 interest on the bonds is outstanding and unpaid, there is 1-40 appropriated out of the general revenue fund in each fiscal year an 1-41 amount sufficient to pay the principal of and interest on the bonds 1-42 that mature or become due during the fiscal year, including an 1-43 amount sufficient to make payments under a related bond enhancement 1-44 agreement. 1-45 SECTION 2. This proposed constitutional amendment shall be 1-46 submitted to the voters at an election to be held November 6, 2001. 1-47 The ballot shall be printed to permit voting for or against the 1-48 proposition: "The constitutional amendment authorizing the 1-49 issuance of state general obligation bonds to provide financial 1-50 assistance to counties for roadway projects to serve border 1-51 colonias." 1-52 * * * * *