77R16398 QS-F By Lucio, et al. S.J.R. No. 50 Substitute the following for S.J.R. No. 50: By Carter C.S.S.J.R. No. 50 A JOINT RESOLUTION 1-1 proposing a constitutional amendment providing for the issuance of 1-2 bonds to augment funds for low and very low income housing. 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 49-k to read as follows: 1-6 Sec. 49-k. (a) The legislature by general law may authorize 1-7 the Texas Department of Housing and Community Affairs or its 1-8 successor to issue and sell general obligation bonds of the state 1-9 in an amount not to exceed $25 million. The bonds shall be called 1-10 "Texas Housing Bonds" and shall be issued and sold in forms and 1-11 denominations, on terms, at times, in the manner, at places, and in 1-12 installments the department or its successor determines. The bonds 1-13 shall bear a rate or rates of interest the department or its 1-14 successor determines, except that the legislature by general law 1-15 shall set the maximum net effective interest rate to be borne by 1-16 the bonds. 1-17 (b) The obligation of the department or its successor under 1-18 the agreements to make payments with respect to principal of or 1-19 interest on the bonds shall also constitute a general obligation of 1-20 the state. 1-21 (c) All money received from the sale of the bonds shall be 1-22 deposited in the housing trust fund or its successor fund 2-1 administered by the Texas Department of Housing and Community 2-2 Affairs or its successor to finance owner-builder loan programs and 2-3 other home ownership initiatives related to the provision of 2-4 affordable housing for individuals and families of low and very low 2-5 income. The expenses of issuance of the bonds and administration 2-6 of the fund shall be paid from money in the fund. 2-7 (d) While any of the bonds or interest on the bonds is 2-8 outstanding and unpaid, there is appropriated out of the first 2-9 money coming into the treasury in each fiscal year, not otherwise 2-10 appropriated by this constitution, the amount sufficient to pay the 2-11 principal of and interest on the bonds that mature or become due 2-12 during the fiscal year, including payments made during the fiscal 2-13 year by the Texas Department of Housing and Community Affairs or 2-14 its successor under bond enhancement agreements with respect to 2-15 principal of or interest on the bonds. 2-16 SECTION 2. This proposed constitutional amendment shall be 2-17 submitted to the voters at an election to be held November 6, 2001. 2-18 The ballot shall be printed to permit voting for or against the 2-19 proposition: "The constitutional amendment authorizing issuance of 2-20 $25 million in general obligation bonds to augment funds available 2-21 to create home ownership opportunities for individuals and families 2-22 of low and very low income through the Texas Housing Bonds."