79R9432 SMH-F

By:  Armbrister                                                 S.J.R. No. 3  



A JOINT RESOLUTION

proposing a constitutional amendment providing for the issuance of 
additional general obligation bonds by the Texas Water Development 
Board.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:                       
	SECTION 1.  Article III, Texas Constitution, is amended by 
adding Section 49-d-10 to read as follows:
	Sec. 49-d-10.  (a)  The Texas Water Development Board may 
issue additional general obligation bonds, at its determination, 
for one or more accounts of the Texas Water Development Fund II, in 
an amount not to exceed $2 billion.  Of the additional general 
obligation bonds authorized to be issued, $500 million of those 
bonds shall be used to provide for subsidized loans and grants for 
wholesale and retail water and wastewater facilities to 
economically distressed areas of the state, as defined by law, to be 
provided on such terms as may be determined by the Texas Water 
Development Board, and shall be deposited to the credit of the 
account established in the Texas Water Development Fund II under 
Section 49-d-8 of this article for the purpose of administering 
proceedings related to the purposes described by Section 49-d-7(b) 
of this article.
	(b)  Section 49-d-8 of this article applies to the bonds 
authorized by this section.  The limitation in Section 49-d-8 of 
this article that the Texas Water Development Board may not issue 
bonds in excess of the aggregate principal amount of previously 
authorized bonds does not apply to the bonds authorized by and 
issued under this section.
	(c)  A limitation on the percentage of state participation in 
any single project imposed by this article does not apply to a 
project funded with the proceeds of bonds issued under the 
authority of this section.
	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 providing for the 
issuance of additional general obligation bonds by the Texas Water 
Development Board in an amount not to exceed $2 billion."