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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 to provide assistance to economically distressed areas. |
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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-14 to read as follows: |
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Sec. 49-d-14. (a) The Texas Water Development Board may |
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issue additional general obligation bonds, at its determination, |
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for the economically distressed areas program account of the Texas |
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Water Development Fund II, in an amount not to exceed $200 million. |
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The bonds shall be used to provide financial assistance to |
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economically distressed areas of the state as defined by law. |
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(b) The additional general obligation bonds authorized by |
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this section may be issued as bonds, notes, or other obligations as |
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permitted by law and shall be sold in forms and denominations, on |
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terms, at times, in the manner, at places, and in installments, as |
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determined by the Texas Water Development Board. The bonds shall |
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bear a rate or rates of interest the Texas Water Development Board |
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determines. The bonds authorized by this section shall be |
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incontestable after execution by the Texas Water Development Board, |
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approval by the attorney general, and delivery to the purchaser or |
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purchasers of the bonds. |
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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 7, 2017. |
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The ballot shall be printed to provide for 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 $200 million to provide |
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assistance to economically distressed areas." |