78R4132 MCK-D By: Van de Putte S.J.R. No. 49
A JOINT RESOLUTIONproposing a constitutional amendment authorizing the issuance of general obligation bonds to fund economic development projects relating to 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-m to read as follows: Sec. 49-m. FINANCIAL ASSISTANCE RELATING TO MILITARY INSTALLATIONS. (a) The legislature by general law may authorize the Texas Public Finance Authority or its successor to issue general obligation bonds of the State of Texas in an aggregate amount not to exceed $150 million. The proceeds from the sale of the bonds shall be deposited into a separate account in the treasury and may be used only to provide financial assistance for economic development projects that benefit defense-related communities, as defined by the legislature by general law, including projects that: (1) relate to military installations in the state; (2) enhance the military value of active military installations in the state; or (3) mitigate the economic impact of a military installation in this state that is closed or realigned. (b) The expenses incurred in connection with the issuance of the bonds and the costs of administering the account may be paid from the bond proceeds. (c) 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 $150 million payable from the general revenues of the state for economic development projects that benefit defense-related communities, including projects relating to active, closed, or realigned military installations."