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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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state general obligation bonds to provide funding for the creation, |
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improvement, and preservation of state parks and other |
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recreational, cultural, and historical sites and facilities. |
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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-e-1 to read as follows: |
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Sec. 49-e-1. (a) The Texas Public Finance Authority or its |
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successor may issue general obligation bonds of the State of Texas |
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in an amount not to exceed $400 million and enter into related |
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credit agreements. |
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(b) Proceeds from the bonds may be used only: |
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(1) to create, improve, or preserve state parks and |
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other recreational, cultural, and historical facilities and sites |
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maintained by and subject to the control of the Parks and Wildlife |
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Department or its successor without further appropriation; and |
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(2) to pay the expenses incurred in connection with |
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the issuance of the bonds. |
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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 that become due under a related credit agreement, less the |
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amount on deposit in the interest and sinking fund at the close of |
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the preceding fiscal year. |
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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 providing for the |
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issuance of general obligation bonds for state parks and other |
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recreational, cultural, and historical facilities and sites. |