| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment providing for the issuance of |
|
|
additional general obligation bonds by the Texas Water Development |
|
|
Board. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article III, Texas Constitution, is amended by |
|
|
adding Section 49-d-11 to read as follows: |
|
|
Sec. 49-d-11. (a) In addition to the bonds authorized by |
|
|
the other provisions of this article, the Texas Water Development |
|
|
Board may issue general obligation bonds, at its determination and |
|
|
on a continuing basis, for one or more accounts of the Texas Water |
|
|
Development Fund II in amounts such that the aggregate principal |
|
|
amount of the bonds issued by the board under this section that are |
|
|
outstanding at any time does not exceed $6 billion. |
|
|
(b) Section 49-d-8 of this article applies to the bonds |
|
|
authorized by this section. The limitation in Section 49-d-8 of |
|
|
this article that the Texas Water Development Board may not issue |
|
|
bonds in excess of the aggregate principal amount of previously |
|
|
authorized bonds does not apply to the bonds authorized by and |
|
|
issued under this section. |
|
|
(c) A limitation on the percentage of state participation in |
|
|
any single project imposed by this article does not apply to a |
|
|
project funded with the proceeds of bonds issued under the |
|
|
authority of this section or Section 49-d-8 of this article. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 3, 2009. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment providing for the |
|
|
issuance of additional general obligation bonds by the Texas Water |
|
|
Development Board in an amount not to exceed $6 billion at any time |
|
|
outstanding." |