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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 financial assistance for the development of |
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certain projects in 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) In addition to the bonds authorized by |
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the other provisions of this article, the Texas Water Development |
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Board may issue general obligation bonds, at its determination and |
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on a continuing basis, for the economically distressed areas |
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program account of the Texas Water Development Fund II in amounts |
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such that the aggregate principal amount of the bonds issued by the |
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board under this section that are outstanding at any time does not |
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exceed $200 million. The bonds shall be used to provide financial |
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assistance for the development of water supply and sewer service |
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projects in economically distressed areas of the state as defined |
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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 shall be incontestable after execution by |
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the Texas Water Development Board, approval by the attorney |
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general, and delivery to the purchaser or purchasers of the bonds. |
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(c) Section 49-d-8(e) of this article applies to the |
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additional general obligation bonds authorized by this section. |
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The limitation in Section 49-d-8 of this article that the Texas |
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Water Development Board may not issue bonds in excess of the |
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aggregate principal amount of general obligation bonds previously |
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authorized for the economically distressed areas program does not |
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apply to the bonds authorized by and issued under this section. |
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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 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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financial assistance for the development of certain projects in |
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economically distressed areas." |