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S.J.R. No. 55
SENATE JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds or notes to provide loans to
defense-related communities for economic development projects,
including projects that enhance military value of military
installations.
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 or notes of the State of Texas in an aggregate amount not to
exceed $250 million and enter into related credit agreements. The
proceeds from the sale of the bonds and notes shall be deposited in
the Texas military value 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 notes and the costs of administering the Texas
military value revolving loan account may be paid from money in the
account. Money in the Texas military value revolving loan account
may be used to pay all or part of any payment owed under a credit
agreement related to the bonds or notes.
(c) A defense-related community receiving a loan from the
Texas military value 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 value
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 and notes.
(e) Bonds and notes authorized under this section are a
general obligation of the state. While any of the bonds or notes or
interest on the bonds or notes 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
or notes that mature or become due during the fiscal year, including
an amount sufficient to make payments under a related credit
agreement, 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 notes or interest.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held September 13,
2003. The ballot shall be printed to permit voting for or against
the proposition: "The constitutional amendment authorizing the
issuance of general obligation bonds or notes not to exceed $250
million payable from the general revenues of the state to provide
loans to defense-related communities, that will be repaid by the
defense-related community, for economic development projects,
including projects that enhance the military value of military
installations."
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.J.R. No. 55 was adopted by the Senate
on May 6, 2003, by the following vote: Yeas 30, Nays 0; and that
the Senate concurred in House amendment on May 15, 2003, by the
following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.J.R. No. 55 was adopted by the House
on May 10, 2003, by the following vote: Yeas 133, Nays 0, two
present not voting.
______________________________
Chief Clerk of the House