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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 to provide and guarantee loans to |
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encourage the use of hydrogen as a cleaner fuel source. |
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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-q to read as follows: |
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Sec. 49-q. (a) To provide and guarantee loans to encourage |
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the use in this state of hydrogen as a cleaner fuel source, the |
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legislature by general law may authorize the Texas Public Finance |
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Authority or its successor to issue general obligation bonds of the |
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State of Texas in an amount not to exceed $250 million and to enter |
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into related bond enhancement agreements. The proceeds from the |
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sale of the bonds may be used only to make and guarantee loans to |
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business entities, state agencies, institutions of higher |
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education, and political subdivisions of this state for projects |
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related to the manufacture, storage, distribution, or sale in this |
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state of hydrogen as a fuel source. |
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(b) 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 under a related bond enhancement agreement. |
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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 authorizing the |
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issuance of state general obligation bonds to stimulate economic |
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development by providing and guaranteeing loans to encourage the |
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use of hydrogen as a cleaner fuel source." |