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A JOINT RESOLUTION
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proposing a constitutional amendment relating to the use of bonds |
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and notes in the military value revolving loan account. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-n(a), Article III, Texas |
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Constitution, as proposed by S.J.R. 55, 78th Legislature, Regular |
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Session, 2003, is amended to read as follows: |
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(a) The legislature by general law may authorize one or more |
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state agencies to issue general obligation bonds or notes of the |
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State of Texas in an aggregate amount not to exceed $250 million and |
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enter into related credit agreements. The proceeds from the sale of |
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the bonds and notes shall be deposited in the Texas military value |
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revolving loan and grant account in the state treasury or its |
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successor account to be used by one or more state agencies |
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designated by the legislature by general law without further |
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appropriation to provide loans and grants for economic development |
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projects that benefit defense-related communities, as defined by |
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the legislature by general law, including projects that enhance the |
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military value of military installations located in the state. The |
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legislature also may provide by general law or appropriation for |
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repayment of any debt incurred by bonds or notes issued under the |
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authority of this subsection after December 31, 2015. |
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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, 2015. |
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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 |
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legislature to use bonds for grants to defense-related communities |
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for any related purpose that adds military value to the military |
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installations within Texas." |