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JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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general obligation bonds to pay for certain state infrastructure |
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projects. |
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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 50-i to read as follows: |
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Sec. 50-i. (a) The legislature by general law may |
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authorize the Texas Public Finance Authority to provide for, issue, |
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and sell general obligation bonds of the State of Texas in a total |
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amount not to exceed $1 billion and to enter into related credit |
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agreements. The bonds may be executed only as prescribed by the |
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Texas Public Finance Authority as to the form of execution, terms, |
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denominations, interest rates, and issuance, in installments or |
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otherwise, in accordance with general law. |
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(b) The state infrastructure projects fund is a fund created |
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in the state treasury outside of the general revenue fund to be |
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administered by the Texas Public Finance Authority. |
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(c) The Texas Public Finance Authority shall deposit the |
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proceeds from the sale of the bonds to the credit of the state |
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infrastructure projects fund. Money credited to the state |
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infrastructure projects fund under this section may be used only in |
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accordance with legislative appropriations and only to pay for |
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projects to repair, renovate, rehabilitate, or construct state |
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infrastructure other than transportation infrastructure and higher |
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education facilities. In this subsection: |
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(1) "Transportation infrastructure" means roads, |
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streets, ways, bridges, or culverts. |
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(2) "Higher education facilities" means property, |
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buildings, structures, or other facilities used or intended to be |
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used by a public institution of higher education. |
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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 be established by general law. |
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(e) While any of the bonds authorized by this section, or |
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any interest on those bonds, 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, there is |
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appropriated an amount sufficient to pay the principal and interest |
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on those bonds that mature or become due during the fiscal year and |
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to make payments that become due under a related credit agreement |
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during the fiscal year. |
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(f) 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 7, 2017. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to authorize the |
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issuance of up to $1 billion in bonds to pay for certain state |
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infrastructure projects and the repayment of those bonds from the |
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general revenues of the state." |