1-1     By:  Lucio, et al.                                    S.J.R. No. 50
 1-2           (In the Senate - Filed March 14, 2001; March 15, 2001, read
 1-3     first time and referred to Committee on Intergovernmental
 1-4     Relations; April 9, 2001, reported favorably by the following vote:
 1-5     Yeas 4, Nays 0; April 9, 2001, sent to printer.)
 1-6                           SENATE JOINT RESOLUTION
 1-7     proposing a constitutional amendment providing for the issuance of
 1-8     bonds to augment funds for low and very low income housing.
 1-9           BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10           SECTION 1.  Article III, Texas Constitution, is amended by
1-11     adding Section 49-k to read as follows:
1-12           Sec. 49-k.  (a)  The legislature by general law may authorize
1-13     the Texas Department of Housing and Community Affairs or its
1-14     successor to issue and sell general obligation bonds of the state
1-15     in an amount not to exceed $100 million.  The bonds shall be called
1-16     "Texas Housing Bonds" and shall be issued and sold in forms and
1-17     denominations, on terms, at times, in the manner, at places, and in
1-18     installments the department or its successor determines.  The bonds
1-19     shall bear a rate or rates of interest the department or its
1-20     successor determines, except that the legislature by general law
1-21     shall set the maximum net effective interest rate to be borne by
1-22     the bonds.
1-23           (b)  The obligation of the department or its successor under
1-24     the agreements to make payments with respect to principal of or
1-25     interest on the bonds shall also constitute a general obligation of
1-26     the state.
1-27           (c)  All money received from the sale of the bonds shall be
1-28     deposited in the housing trust fund or its successor fund
1-29     administered by the Texas Department of Housing and Community
1-30     Affairs or its successor to finance affordable housing for low and
1-31     very low income persons within the state in accordance with law.
1-32     The expenses of issuance of the bonds and administration of the
1-33     fund shall be paid from money in the fund.
1-34           (d)  While any of the bonds or interest on the bonds is
1-35     outstanding and unpaid, there is appropriated out of the first
1-36     money coming into the treasury in each fiscal year, not otherwise
1-37     appropriated by this constitution, the amount sufficient to pay the
1-38     principal of and interest on the bonds that mature or become due
1-39     during the fiscal year, including payments made during the fiscal
1-40     year by the Texas Department of Housing and Community Affairs or
1-41     its successor under bond enhancement agreements with respect to
1-42     principal of or interest on the bonds.
1-43           SECTION 2.  This proposed constitutional amendment shall be
1-44     submitted to the voters at an election to be held November 6, 2001.
1-45     The ballot shall be printed to permit voting for or against the
1-46     proposition:  "The constitutional amendment authorizing issuance of
1-47     $100 million in general obligation bonds to augment funds available
1-48     to finance housing for low and very low income persons."
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