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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the issuance of |
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general obligation bonds for conducting a program to create |
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additional housing for individuals with an intellectual or |
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developmental disability. |
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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 68 to read as follows: |
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Sec. 68. (a) The legislature by general law may authorize |
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the Texas Public Finance Authority or its successor in function to |
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provide for, issue, and sell general obligation bonds of the State |
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of Texas in an amount not to exceed $10 million for the purpose of |
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funding a program to create additional housing for individuals with |
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an intellectual or developmental disability. |
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(b) Proceeds from the sale of the bonds shall be deposited |
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in separate funds or accounts, as provided by general law, in the |
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state treasury to be used by the Health and Human Services |
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Commission or its successor in function to conduct the program |
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described by this section. |
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(c) The bond proceeds may be used to pay the costs of issuing |
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the bonds and any administrative expense related to the bonds. |
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(d) 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 fiscal year not |
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otherwise appropriated by this constitution, an amount sufficient |
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to pay the principal of and interest on bonds that mature or become |
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due during the fiscal year and to make payments that become due |
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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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(e) 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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(f) The Texas Public Finance Authority shall consider using |
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a business whose principal place of business is located in this |
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state to issue the bonds authorized by this section and shall |
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include using a historically underutilized business as defined by |
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general law. |
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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, 2019. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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issuance of general obligation bonds for conducting a program to |
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create additional housing for individuals with an intellectual or |
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developmental disability." |