81R10889 TRH-F
 
  By: Ritter H.J.R. No. 128
 
 
 
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."