By: Averitt S.J.R. No. 50
         (In the Senate - Filed March 13, 2009; March 31, 2009, read
  first time and referred to Committee on Natural Resources;
  April 15, 2009, reported favorably by the following vote:  Yeas 9,
  Nays 0; April 15, 2009, sent to printer.)
 
 
 
SENATE JOINT RESOLUTION
 
  proposing a constitutional amendment relating to the issuance of
  additional general obligation bonds by the Texas Water Development
  Board.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 49-d-11 to read as follows:
         Sec. 49-d-11.  ISSUANCE OF ADDITIONAL GENERAL OBLIGATION
  BONDS.  (a)  In addition to other bonds authorized by this article,
  the Texas Water Development Board may issue additional general
  obligation bonds, at its determination and on a continuing basis,
  for one or more accounts of the Texas Water Development Fund II, in
  amounts such that the aggregate principal amount of the bonds
  issued under this section does not exceed $6 billion outstanding at
  any one time.
         (b)  Except as provided by Subsection (c) of this section,
  Section 49-d-8 of this article applies to the bonds authorized by
  this section.
         (c)  The limitation provided by Section 49-d-8 of this
  article that the Texas Water Development Board may not issue bonds
  in excess of the aggregate principal amount of previously
  authorized bonds does not apply to the bonds authorized by and
  issued under this section.
         (d)  A limitation on the percentage of state participation in
  any single project imposed by this article does not apply to a
  project funded with the proceeds of bonds issued under the
  authority of this section or Section 49-d-8 of this article.
         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 allowing the issuance
  of additional general obligation bonds by the Texas Water
  Development Board not to exceed $6 billion outstanding at any
  time."
 
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