78R4132 MCK-D

By:  Van de Putte                                               S.J.R. No. 49 



A JOINT RESOLUTION

proposing 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."