| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment authorizing the issuance of |
|
|
general obligation bonds to provide and guarantee loans to promote |
|
|
the use of renewable energy technology and the making of energy |
|
|
efficiency improvements. |
|
|
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 promote |
|
|
the use of renewable energy technology and the making of energy |
|
|
efficiency improvements, 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 $1 billion 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 renewable energy technology uses or |
|
|
for energy efficiency improvements. |
|
|
(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 promote the use |
|
|
of renewable energy technology and the making of energy efficiency |
|
|
improvements." |