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79R8391 JTS-D

By:  Naishtat                                                   H.J.R. No. 96 



A JOINT RESOLUTION

proposing a constitutional amendment authorizing the issuance of 
general obligation bonds to provide grants and loans for stem cell 
research.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:                       
	SECTION 1.  Article III, Texas Constitution, is amended by 
adding Section 49-o to read as follows:
	Sec. 49-o.  (a)  To provide grants and loans for stem cell 
research in this state, the legislature by general law may 
authorize the Texas Higher Education Coordinating Board or its 
successor to issue general obligation bonds of the State of Texas in 
an amount not to exceed $295 million and to enter into related bond 
enhancement agreements.  The proceeds from the sale of the bonds may 
be used only to:
		(1)  make grants and loans to institutions of higher 
education and advanced medical research facilities in this state 
for:
			(A)  stem cell research;                                              
			(B)  facilities for stem cell research; and                           
			(C)  other vital research opportunities to 
develop therapies, protocols, or medical procedures that will 
result in, as speedily as possible, the cure for, or substantial 
mitigation of, major diseases, injuries, and orphan diseases;
		(2)  support institutions of higher education and 
advanced medical research facilities in this state in all stages of 
the process of developing cures using regenerative medicine, from 
laboratory research through successful clinical trials; and
		(3)  establish the appropriate regulatory standards 
and oversight bodies for stem cell research and facilities 
development.
	(b)  The bonds authorized under this section constitute 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 an amount sufficient to 
pay the principal of and interest on the bonds that mature or become 
due during the fiscal year, including an amount sufficient to make 
payments under a related bond enhancement agreement.
	SECTION 2.  This proposed constitutional amendment shall be 
submitted to the voters at an election to be held November 8, 2005.  
The ballot shall be printed to permit voting for or against the 
proposition:  "The constitutional amendment authorizing the 
issuance of state general obligation bonds to provide grants and 
loans for stem cell research."