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78R9046 MCK-D
By: Corte H.J.R. No. 7
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds to provide loans for economic development
projects that enhance the military value of military installations
in the state.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-n to read as follows:
Sec. 49-n. (a) The legislature by general law may authorize
one or more state agencies to issue general obligation bonds of the
State of Texas in an aggregate amount not to exceed $250 million.
The proceeds from the sale of the bonds shall be deposited in the
Texas military preparedness revolving loan account in the state
treasury or its successor account to be used by one or more state
agencies designated by the legislature by general law without
further appropriation to provide loans for economic development
projects that benefit defense-related communities, as defined by
the legislature by general law, including projects that enhance the
military value of military installations located in the state.
(b) The expenses incurred in connection with the issuance of
the bonds and the costs of administering the revolving loan account
may be paid from money in the Texas military preparedness revolving
loan account.
(c) A defense-related community receiving a loan from the
Texas military preparedness revolving loan account may use money
from the account to capitalize interest on the loan.
(d) An agency providing a loan from the Texas military
preparedness revolving loan account to a defense-related community
may require the defense-related community to pay any pro rata cost
of issuing the general obligation bonds.
(e) Bonds authorized under this section are a general
obligation of the state. While any of the bonds or interest on the
bonds is outstanding and unpaid, there is appropriated out of the
first money coming into the treasury in each fiscal year, not
otherwise appropriated by this constitution, the amount sufficient
to pay the principal of and interest on the bonds that mature or
become due during the fiscal year, less any amounts in the interest
and sinking accounts at the close of the preceding fiscal year that
are pledged to payment of the bonds or interest.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 4, 2003.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
issuance of general obligation bonds not to exceed $250 million
payable from the general revenues of the state to provide loans to
defense-related communities for economic development projects,
including projects that enhance the military value of military
installations."