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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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general obligation bonds to provide and guarantee loans to |
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encourage the use of carbon-free hydrogen energy. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-p to read as follows: |
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Sec. 49-p. (a) To provide and guarantee loans to encourage |
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the use of carbon-free hydrogen energy in this state, the |
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legislature by general law may authorize the Texas Public Finance |
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Authority or its successor to issue general obligation bonds of the |
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State of Texas in an amount not to exceed $250 million and to enter |
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into related bond enhancement agreements. The proceeds from the |
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sale of the bonds may be used only to make and guarantee loans to |
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business entities for projects that: |
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(1) expand the use of carbon-free hydrogen energy in |
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this state; or |
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(2) relate to the manufacture, storage, distribution, |
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or sale of carbon-free hydrogen energy in this state. |
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(b) For purposes of this section, hydrogen is considered to |
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be carbon-free if: |
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(1) any carbon resulting from the production of the |
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hydrogen is captured during production and: |
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(A) permanently geologically sequestered; or |
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(B) used in the production of other carbon-based |
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products at a rate that exceeds 90 percent of the input; and |
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(2) any carbon resulting from the generation of any |
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electricity used in the production of the hydrogen is captured and: |
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(A) permanently geologically sequestered; or |
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(B) used in the production of other carbon-based |
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products at a rate that exceeds 90 percent of the input. |
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(c) The bonds authorized under this section constitute a |
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general obligation of the state. While any of the bonds or interest |
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on the bonds is outstanding and unpaid, there is appropriated out of |
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the first money coming into the treasury in each fiscal year not |
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otherwise appropriated by this constitution an amount sufficient to |
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pay the principal of and interest on the bonds that mature or become |
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due during the fiscal year, including an amount sufficient to make |
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payments under a related bond enhancement agreement. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 6, 2007. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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issuance of state general obligation bonds to stimulate economic |
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development and reduce greenhouse gases by providing and |
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guaranteeing loans to encourage the use of carbon-free hydrogen |
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energy." |