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SENATE JOINT RESOLUTION
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proposing a constitutional amendment relating to the issuance of |
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additional general obligation bonds by the Texas Water Development |
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Board. |
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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-d-11 to read as follows: |
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Sec. 49-d-11. ISSUANCE OF ADDITIONAL GENERAL OBLIGATION |
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BONDS. (a) In addition to other bonds authorized by this article, |
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the Texas Water Development Board may issue additional general |
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obligation bonds, at its determination and on a continuing basis, |
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for one or more accounts of the Texas Water Development Fund II, in |
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amounts such that the aggregate principal amount of the bonds |
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issued under this section does not exceed $6 billion outstanding at |
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any one time. |
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(b) Except as provided by Subsection (c) of this section, |
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Section 49-d-8 of this article applies to the bonds authorized by |
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this section. |
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(c) The limitation provided by Section 49-d-8 of this |
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article that the Texas Water Development Board may not issue bonds |
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in excess of the aggregate principal amount of previously |
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authorized bonds does not apply to the bonds authorized by and |
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issued under this section. |
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(d) A limitation on the percentage of state participation in |
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any single project imposed by this article does not apply to a |
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project funded with the proceeds of bonds issued under the |
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authority of this section or Section 49-d-8 of this article. |
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(e) Except as provided by Subsection (f) of this section, no |
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bonds shall be issued under the authority of this section for the |
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purpose of augmenting the state participation account of the Texas |
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Water Development Fund II or the water infrastructure fund unless |
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the legislature by general law dedicates portions of the state's |
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revenues in support of debt service on bonds issued for such |
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purpose. Portions of the state's revenue dedicated as provided by |
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this subsection may be used as provided by this section and Section |
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49-d-8 of this article without further appropriation. |
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(f) Subsection (e) of this section does not apply to bonds |
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issued under authority of this section that at the time of their |
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issuance are not state debt payable from the general revenue fund |
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within the meaning of Section 49-j of this article. |
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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 allowing the issuance |
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of additional general obligation bonds by the Texas Water |
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Development Board not to exceed $6 billion outstanding at any |
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time." |