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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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additional general obligation bonds and notes to provide financial |
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assistance to counties for roadway projects to serve border |
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colonias. |
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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) To fund financial assistance to counties for |
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roadways to serve border colonias, the legislature by general law |
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may authorize the governor to authorize the Texas Public Finance |
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Authority or its successor to issue general obligation bonds or |
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notes of the State of Texas in an aggregate amount not to exceed an |
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additional $175 million and to enter into related credit |
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agreements. Except as provided by Subsection (c) of this section, |
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the proceeds from the sale of the bonds and notes may be used only to |
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provide financial assistance to counties for projects to provide |
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access roads to connect border colonias with public roads. |
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Projects may include the construction of colonia access roads, the |
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acquisition of materials used in maintaining colonia access roads, |
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and projects related to the construction of colonia access roads, |
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such as projects for the drainage of the roads. |
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(b) The Texas Transportation Commission may, in its |
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discretion and in consultation with the office of the governor, |
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determine what constitutes a border colonia for purposes of |
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selecting the counties and projects that may receive assistance |
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under this section. |
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(c) A portion of the proceeds from the sale of the bonds and |
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notes and a portion of the interest earned on the bonds and notes |
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may be used to pay: |
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(1) the costs of administering projects authorized |
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under this section; and |
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(2) all or part of a payment owed or to be owed under a |
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credit agreement. |
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(d) The bonds and notes authorized under this section |
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constitute a general obligation of the state. While any of the |
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bonds or notes or interest on the bonds or notes is outstanding and |
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unpaid, there is appropriated out of the general revenue fund in |
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each fiscal year an amount sufficient to pay the principal of and |
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interest on the bonds and notes that mature or become due during the |
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fiscal year, including an amount sufficient to make payments under |
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a related credit 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 additional state general obligation bonds and notes to |
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provide financial assistance to counties for roadway projects to |
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serve border colonias." |