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A JOINT RESOLUTION
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proposing a constitutional amendment providing for 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. (a) In addition to the bonds authorized by |
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the other provisions of this article, the Texas Water Development |
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Board may issue general obligation bonds, at its determination and |
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on a continuing basis, for one or more accounts of the Texas Water |
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Development Fund II in amounts such that the aggregate principal |
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amount of the bonds issued by the board under this section that are |
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outstanding at any time does not exceed $6 billion. |
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(b) Section 49-d-8 of this article applies to the bonds |
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authorized by this section. The limitation in Section 49-d-8 of |
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this article that the Texas Water Development Board may not issue |
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bonds 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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(c) 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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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 8, 2011. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment providing for the |
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issuance of additional general obligation bonds by the Texas Water |
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Development Board in an amount not to exceed $6 billion at any time |
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outstanding." |