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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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general obligation bonds to provide funds for affordable housing. |
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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-r to read as follows: |
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Sec. 49-r. (a) The legislature by general law may |
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authorize the Texas Department of Housing and Community Affairs or |
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its successor to issue general obligation bonds of the State of |
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Texas in an amount not to exceed $300 million and to enter into |
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related bond enhancement agreements. The proceeds from the sale of |
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the bonds shall be deposited to the credit of the housing trust fund |
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or its successor fund and shall be used only to provide affordable |
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housing in accordance with law. The expenses of issuance of the |
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bonds and administration of the fund shall be paid from money in the |
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fund. |
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(b) 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 funds for |
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affordable housing." |