S.J.R. No. 65
 
 
  proposing a constitutional amendment authorizing the issuance of
  general obligation bonds for maintenance, improvement, repair, and
  construction projects and for the purchase of needed equipment.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 50-g to read as follows:
         Sec. 50-g.  (a)  The legislature by general law may
  authorize the Texas Public Finance Authority to provide for, issue,
  and sell general obligation bonds of the State of Texas in an amount
  not to exceed $1 billion and to enter into related credit
  agreements. The bonds shall be executed in the form, on the terms,
  and in the denominations, bear interest, and be issued in
  installments as prescribed by the Texas Public Finance Authority.
         (b)  Proceeds from the sale of the bonds shall be deposited
  in a separate fund or account within the state treasury created by
  the comptroller of public accounts for this purpose. Money in the
  separate fund or account may be used only to pay for:
               (1)  maintenance, improvement, repair, or construction
  projects authorized by the legislature by general law or the
  General Appropriations Act and administered by or on behalf of the
  Texas Building and Procurement Commission, the Parks and Wildlife
  Department, the adjutant general's department, the Department of
  State Health Services, the Department of Aging and Disability
  Services, the Texas School for the Blind and Visually Impaired, the
  Texas Youth Commission, the Texas Historical Commission, the Texas
  Department of Criminal Justice, the Texas School for the Deaf, or
  the Department of Public Safety of the State of Texas; or
               (2)  the purchase, as authorized by the legislature by
  general law or the General Appropriations Act, of needed equipment
  by or on behalf of a state agency listed in Subdivision (1) of this
  subsection.
         (c)  The maximum net effective interest rate to be borne by
  bonds issued under this section may be set by general law.
         (d)  While any of the bonds or interest on the bonds
  authorized by this section is outstanding and unpaid, from the
  first money coming into the state treasury in each fiscal year not
  otherwise appropriated by this constitution, an amount sufficient
  to pay the principal and interest on bonds that mature or become due
  during the fiscal year and to make payments that become due under a
  related credit agreement during the fiscal year is appropriated,
  less the amount in the sinking fund at the close of the previous
  fiscal year.
         (e)  Bonds issued under this section, after approval by the
  attorney general, registration by the comptroller of public
  accounts, and delivery to the purchasers, are incontestable and are
  general obligations of the State of Texas under this constitution.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 6, 2007.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  issuance of up to $1 billion in bonds payable from the general
  revenues of the state for maintenance, improvement, repair, and
  construction projects and for the purchase of needed equipment."
 
 
 
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
         I hereby certify that S.J.R. No. 65 was adopted by the Senate
  on May 2, 2007, by the following vote: Yeas 30, Nays 0; and that
  the Senate concurred in House amendment on May 25, 2007, by the
  following vote: Yeas 30, Nays 0.
 
 
  ______________________________
  Secretary of the Senate    
 
         I hereby certify that S.J.R. No. 65 was adopted by the House,
  with amendment, on May 22, 2007, by the following vote: Yeas 148,
  Nays 0, one present not voting.
 
 
  ______________________________
  Chief Clerk of the House