81R4122 KFF-D
 
  By: Ellis S.J.R. No. 28
 
 
 
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."