81R3904 KFF-D
 
  By: Van de Putte S.J.R. No. 17
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the issuance of
  general obligation bonds to provide and guarantee loans to
  encourage the use of hydrogen as a cleaner fuel source.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 49-q to read as follows:
         Sec. 49-q.  (a)  To provide and guarantee loans to encourage
  the use in this state of hydrogen as a cleaner fuel source, the
  legislature by general law may authorize the Texas Public Finance
  Authority or its successor to issue general obligation bonds of the
  State of Texas in an amount not to exceed $250 million and to enter
  into related bond enhancement agreements. The proceeds from the
  sale of the bonds may be used only to make and guarantee loans to
  business entities, state agencies, institutions of higher
  education, and political subdivisions of this state for projects
  related to the manufacture, storage, distribution, or sale in this
  state of hydrogen as a fuel source.
         (b)  The bonds authorized under this section constitute a
  general obligation of the state. While any of the bonds or interest
  on the bonds is outstanding and unpaid, there is appropriated out of
  the first money coming into the treasury in each fiscal year not
  otherwise appropriated by this constitution an amount sufficient to
  pay the principal of and interest on the bonds that mature or become
  due during the fiscal year, including an amount sufficient to make
  payments under a related bond enhancement agreement.
         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 authorizing the
  issuance of state general obligation bonds to stimulate economic
  development by providing and guaranteeing loans to encourage the
  use of hydrogen as a cleaner fuel source."