By:  Shapleigh                                                  S.J.R. No. 55 
	(In the Senate - Filed March 14, 2003; March 20, 2003, read 
first time and referred to Committee on Veteran Affairs and 
Military Installations; April 24, 2003, reported adversely, with 
favorable Committee Substitute by the following vote:  Yeas 4, Nays 
0; April 24, 2003, sent to printer.)


COMMITTEE SUBSTITUTE FOR S.J.R. No. 55                                   By:  Shapleigh


SENATE JOINT RESOLUTION


proposing a constitutional amendment authorizing a guarantee 
program for bonds or other obligations issued for projects that 
enhance military value of military facilities 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 50-g to read as follows:
	Sec. 50-g.  (a)  The legislature by general law may provide 
for a guarantee program to which the state pledges its general 
credit in an amount not to exceed $250 million to guarantee in whole 
or in part the principal of and interest on bonds or other 
obligations issued by a political subdivision for a project that 
will enhance the military value of a military facility located in, 
near, or adjacent to the political subdivision.
	(b)  The legislature by general law shall designate the state 
agency to administer the guarantee program and the political 
subdivisions eligible to seek a guarantee under the guarantee 
program and may authorize the state agency to execute agreements 
that specify the conditions by which the state will be obligated to 
pay the principal of and interest on bonds or other obligations of a 
political subdivision.
	(c)  The payment by the state of any obligation incurred by 
or on behalf of the state under the terms of a guarantee agreement 
made under authority of this section must be made from the first 
money coming into the treasury in each fiscal year, not otherwise 
appropriated by this constitution, and such amounts are hereby 
appropriated.
	(d)  Notwithstanding the total amount of bonds or other 
obligations guaranteed under this section, the total amount paid 
and not recovered by the state under this section, excluding costs 
of administration, may not exceed $250 million.  The state agency 
administering the guarantee program may not authorize guarantees 
under the program in any state fiscal year that exceed a total of 
$250 million.
	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 a 
guarantee program in an amount not to exceed $250 million to 
guarantee in whole or in part bonds or other obligations issued by a 
political subdivision for a project that will enhance the military 
value of a military facility located in, near, or adjacent to the 
political subdivision."



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