| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment providing for the issuance of |
|
|
general obligation bonds to be paid out of the economic |
|
|
stabilization fund by the Texas Water Development Board to provide |
|
|
financial assistance to political subdivisions for projects |
|
|
related to disaster recovery; disaster mitigation; disaster |
|
|
response; or construct, repair, rehabilitate, or reconstruct state |
|
|
or local infrastructure. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article XIV, Texas Constitution, is amended by |
|
|
adding Section 2 to read as follows: |
|
|
Sec. 2. (a) The legislature by general law may authorize |
|
|
the Texas Water Development Board to issue general obligation bonds |
|
|
of the State of Texas in an aggregate amount not to exceed $10 |
|
|
billion and enter into related grant agreements to provide |
|
|
financial assistance to political subdivisions for projects |
|
|
related to disaster recovery; disaster mitigation; disaster |
|
|
response; or construct, repair, rehabilitate, or reconstruct state |
|
|
or local infrastructure. The legislature by general law may |
|
|
prescribe procedures for the administration of this section. |
|
|
(b) The bonds authorized under this section shall be |
|
|
executed in the form, on the terms, and in the denominations, bear |
|
|
interest, and be issued as prescribed by the Texas Water |
|
|
Development Board. |
|
|
(c) The bonds authorized under this section constitute a |
|
|
general obligation of the state. While any of the bonds or interest |
|
|
on the bonds is outstanding and unpaid, there is appropriated out of |
|
|
the first money coming into the economic stabilization fund or |
|
|
treasury each fiscal year, not otherwise appropriated by this |
|
|
constitution, an amount sufficient to pay the principal of and |
|
|
interest on the bonds that mature or become due during the fiscal |
|
|
year, including an amount sufficient to make payments under a |
|
|
related credit agreement. |
|
|
(d) The proceeds from the issuance and sale of the bonds, |
|
|
and the interest earned on the bonds, are appropriated when |
|
|
received by the state and may be used as provided by this section |
|
|
and law enacted under this section without further appropriation. |
|
|
(e) 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 5, 2019. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment providing for the |
|
|
issuance of general obligation bonds by the Texas Water Development |
|
|
Board to be paid out of the economic stabilization fund in an amount |
|
|
not to exceed $10 billion to provide financial assistance to |
|
|
political subdivisions for projects related to disaster recovery; |
|
|
disaster mitigation; disaster mitigation; or construct, repair, |
|
|
rehabilitate, or reconstruct state or local infrastructure." |