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A JOINT RESOLUTION
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proposing a constitutional amendment providing for the issuance of |
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general obligation bonds to finance pay-for-performance contracts |
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for certain programs and services for health programs. |
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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) The legislature by general law may authorize |
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the Pay-for-Performance Advisory Committee to contract with a third |
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party to provide for, issue, and sell general obligation bonds of |
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the State of Texas in an amount not to exceed $100 million, and to |
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enter into related credit agreements, to fund programs and services |
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for health programs. The bonds shall be executed in the form, on |
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the terms, and in the denominations, and bear interest and be issued |
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in installments, as prescribed by the Texas Public Finance |
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Authority. |
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(b) The comptroller of public accounts shall create a |
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special fund in the state treasury for the deposit of the proceeds |
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from the sale of the bonds. Money in the fund may be appropriated |
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only to pay: |
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(1) for pay-for-performance contracts authorized by |
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general law for the operation of programs or provision of services, |
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the primary purpose of which is health care, preventive services, |
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or other health promotion programs; or |
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(2) the principal of or interest on the bonds. |
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(c) The comptroller of public accounts may invest money in |
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the fund and shall credit to the fund income from the investments. |
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(d) The maximum net effective interest rate to be borne by |
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bonds issued under this section may not exceed the maximum rate |
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provided by general law. |
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(e) The comptroller of public accounts may establish and |
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invest an interest and sinking fund to pay the bonds. |
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(f) While any of the bonds or interest on the bonds |
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authorized by this section is outstanding and unpaid, from the |
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first money coming into the state treasury in each state fiscal year |
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not otherwise appropriated by this constitution, an amount |
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sufficient to pay the principal and interest on bonds that mature or |
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become due during the fiscal year and to make payments that become |
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due under a related credit agreement during the fiscal year is |
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appropriated, less the amount in the sinking fund at the close of |
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the previous fiscal year. |
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(g) Bonds issued under this section, after approval by the |
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attorney general, registration by the comptroller of public |
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accounts, and delivery to the purchasers, are incontestable and are |
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general obligations of the State of Texas under this constitution. |
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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 5, 2013. |
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The ballot shall be printed to permit voting for or against the |
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proposition: |
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"The constitutional amendment providing for the |
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issuance of general obligation bonds to finance |
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pay-for-performance contracts for certain programs and services |
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for certain offenders." |