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A JOINT RESOLUTION
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proposing a constitutional amendment providing for the issuance of |
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general obligation bonds to provide funding to develop and maintain |
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research universities in this state of the highest tier. |
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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 68 to read as follows: |
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Sec. 68. (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 $3 billion and to enter into related credit agreements. The |
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authority may not issue more than $300 million in bonds authorized |
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by this section in a year. The bonds shall be executed in the form, |
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on the terms, and in the denominations, bear interest, and be issued |
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in installments as prescribed by the Texas Public Finance |
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Authority. |
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(b) Proceeds from the sale of the bonds shall be deposited |
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in a separate fund in the state treasury to be used by the |
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legislature to provide funding to develop and maintain research |
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universities in this state of the highest tier. |
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(c) The bond proceeds may also be used to pay the costs of |
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issuing the bonds and any administrative expense related to the |
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bonds. |
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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 of and interest on bonds that mature or become |
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due during the fiscal year and to make payments that become due |
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under a related credit agreement during the fiscal year is |
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appropriated, less the amount in the sinking fund at the close of |
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the previous 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 3, 2009. |
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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 to provide funding to develop |
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and maintain research universities in this state of the highest |
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tier." |