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SENATE JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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general obligation bonds to provide and guarantee loans to |
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encourage advanced clean energy projects. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-q to read as follows: |
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Sec. 49-q. (a) For purposes of this section: |
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(1) "Advanced clean energy project" means a project |
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for which an application for a permit to emit air contaminants is |
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received by the Texas Commission on Environmental Quality or its |
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successor after January 1, 2008, and before January 1, 2020, and |
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that: |
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(A) involves the use of coal, biomass, petroleum |
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coke, solid waste, or fuel cells using hydrogen derived from such |
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fuels, in the generation of electricity, or the creation of liquid |
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fuels outside of the existing fuel production infrastructure while |
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co-generating electricity; |
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(B) is capable of achieving on an annual basis a |
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99 percent reduction of sulfur dioxide emissions and a 95 percent |
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reductions of mercury emissions and an annual average emission rate |
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for nitrogen oxides of 0.05 pounds or less per million British |
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thermal units; and |
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(C) captures not less than 50 percent of any |
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carbon dioxide produced by the combustion of fuel and sequesters |
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that captured carbon dioxide by geologic storage or other means. |
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(2) "Geologic storage" means the underground storage |
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of carbon dioxide in a suitable geologic formation, including |
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storage that is accomplished in conjunction with an enhanced oil |
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recovery project. |
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(b) To provide and guarantee loans to encourage advanced |
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clean energy projects in this state, the legislature by general law |
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may authorize the Texas Public Finance Authority or its successor |
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to issue general obligation bonds of the State of Texas in an amount |
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not to exceed $300 million and to enter into related credit |
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enhancement agreements. The proceeds from the sale of the bonds may |
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be used only to make and guarantee loans to business entities for |
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advanced clean energy projects in this state. |
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(c) The bonds authorized under this section constitute a |
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general obligation of the state. While any of the bonds or interest |
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on the bonds is outstanding and unpaid, there is appropriated out of |
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the first money coming into the treasury in each fiscal year not |
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otherwise appropriated by this constitution an amount sufficient to |
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pay the principal of and interest on the bonds that mature or become |
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due during the fiscal year, including an amount sufficient to make |
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payments under a related bond enhancement agreement. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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issuance of general obligation bonds to provide and guarantee loans |
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to encourage advanced clean energy projects." |