2017S0367-1 03/02/17
 
  By: Perry S.J.R. No. 47
 
 
 
JOINT RESOLUTION
  proposing a constitutional amendment authorizing the issuance of
  general obligation bonds to pay for certain state infrastructure
  projects.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 50-i to read as follows:
         Sec. 50-i.  (a)  The legislature by general law may
  authorize the Texas Public Finance Authority to provide for, issue,
  and sell general obligation bonds of the State of Texas in a total
  amount not to exceed $1 billion and to enter into related credit
  agreements. The bonds may be executed only as prescribed by the
  Texas Public Finance Authority as to the form of execution, terms,
  denominations, interest rates, and issuance, in installments or
  otherwise, in accordance with general law.
         (b)  The state infrastructure projects fund is a fund created
  in the state treasury outside of the general revenue fund to be
  administered by the Texas Public Finance Authority.
         (c)  The Texas Public Finance Authority shall deposit the
  proceeds from the sale of the bonds to the credit of the state
  infrastructure projects fund. Money credited to the state
  infrastructure projects fund under this section may be used only in
  accordance with legislative appropriations and only to pay for
  projects to repair, renovate, rehabilitate, or construct state
  infrastructure other than transportation infrastructure and higher
  education facilities. In this subsection:
               (1)  "Transportation infrastructure" means roads,
  streets, ways, bridges, or culverts.
               (2)  "Higher education facilities" means property,
  buildings, structures, or other facilities used or intended to be
  used by a public institution of higher education.
         (d)  The maximum net effective interest rate to be borne by
  bonds issued under this section may be established by general law.
         (e)  While any of the bonds authorized by this section, or
  any interest on those bonds, is outstanding and unpaid, from the
  first money coming into the state treasury in each state fiscal year
  not otherwise appropriated by this constitution, there is
  appropriated an amount sufficient to pay the principal and interest
  on those bonds that mature or become due during the fiscal year and
  to make payments that become due under a related credit agreement
  during the fiscal year.
         (f)  Bonds issued under this section, after approval by the
  attorney general, registration by the comptroller of public
  accounts, and delivery to the purchasers, are incontestable and are
  general obligations of the State of Texas under this constitution.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2017.
  The ballot shall be printed to permit voting for or against the
  proposition:  "The constitutional amendment to authorize the
  issuance of up to $1 billion in bonds to pay for certain state
  infrastructure projects and the repayment of those bonds from the
  general revenues of the state."