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A JOINT RESOLUTION
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proposing a constitutional amendment extending the period of |
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maturity for bonds and notes issued by certain higher education |
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entities. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 17(e), Article VII, Texas Constitution, |
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is amended to read as follows: |
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(e) Each governing board authorized to participate in the |
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distribution of money under this section is authorized to expend |
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all money distributed to it for any of the purposes enumerated in |
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Subsection (a). In addition, such governing board may issue bonds |
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and notes for the purposes of refunding bonds or notes issued under |
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this section or prior law, acquiring land either with or without |
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permanent improvements, constructing and equipping buildings or |
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other permanent improvements, acquiring capital equipment, library |
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books, and library materials, paying for acquiring, constructing, |
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or equipping or for major repair or rehabilitation of buildings, |
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facilities, other permanent improvements, or capital equipment |
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used jointly for educational and general activities and for |
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auxiliary enterprises to the extent of their use for educational |
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and general activities, and for major repair and rehabilitation of |
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buildings or other permanent improvements, and may pledge up to 50 |
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percent of the money allocated to such governing board pursuant to |
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this section to secure the payment of the principal and interest of |
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such bonds or notes. Proceeds from the issuance of bonds or notes |
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under this subsection shall be maintained in a local depository |
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selected by the governing board issuing the bonds or notes. The |
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bonds and notes issued under this subsection shall be payable |
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solely out of the money appropriated by this section and shall |
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mature serially or otherwise in not more than 30 [10] years from |
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their respective dates. All bonds issued under this section shall |
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be sold only through competitive bidding and are subject to |
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approval by the attorney general. Bonds approved by the attorney |
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general shall be incontestable. The permanent university fund may |
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be invested in the bonds and notes issued under this section. |
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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 extending the period of |
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maturity for bonds and notes issued by certain higher education |
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entities." |