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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 for maintenance, repair, and construction |
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projects and for the salaries of related employees. |
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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 50-g to read as follows: |
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Sec. 50-g. (a) The legislature by general law may authorize |
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the Texas Public Finance Authority to provide for, issue, and sell |
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general obligation bonds of the State of Texas in an amount not to |
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exceed $1 billion and to enter into related credit agreements. The |
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bonds shall be executed in the form, on the terms, and in the |
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denominations, bear interest, and be issued in installments as |
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prescribed by the Texas Public Finance Authority. |
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(b) Proceeds from the sale of the bonds shall be deposited |
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in a separate fund or account within the state treasury created by |
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the comptroller for this purpose. Money in the separate fund or |
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account may be used only to pay for: |
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(1) maintenance, improvement, repair, or construction |
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projects authorized by the legislature by general law or the |
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General Appropriations Act and administered by or on behalf of the |
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Texas Building and Procurement Commission, the Parks and Wildlife |
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Department, the adjutant general's department, or the Department of |
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Public Safety of the State of Texas; or |
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(2) salaries, as authorized by the legislature by |
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general law or the General Appropriations Act, of full-time |
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equivalent state agency employees needed as a result of and |
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following the completion of a project described by Subdivision (1) |
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of this subsection. |
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(c) The maximum net effective interest rate to be borne by |
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bonds issued under this section may be set by general law. |
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(d) While any of the bonds or interest on the bonds |
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authorized by this section is outstanding and unpaid, from the |
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first money coming into the state treasury in each fiscal year not |
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otherwise appropriated by this constitution, an amount sufficient |
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to pay the principal and interest on bonds that mature or become due |
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during the fiscal year and to make payments that become due under a |
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related credit agreement during the fiscal year is appropriated, |
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less the amount in the sinking fund at the close of the previous |
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fiscal year. |
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(e) Bonds issued under this section, after approval by the |
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attorney general, registration by the comptroller of public |
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accounts, and delivery to the purchasers, are incontestable and are |
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general obligations of the State of Texas under this constitution. |
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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 up to $1 billion in bonds payable from the general |
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revenues of the state for maintenance, repair, and construction |
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projects." |