| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment providing for the issuance of |
|
|
additional general obligation bonds by the Texas Water Development |
|
|
Board to provide financial assistance for the development of |
|
|
certain projects in economically distressed areas. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 49-d-10, Article III, Texas |
|
|
Constitution, is amended by adding Subsections (a-1) and (a-2) to |
|
|
read as follows: |
|
|
(a-1) In addition to the bonds authorized under Subsection |
|
|
(a) of this section, the Texas Water Development Board may issue |
|
|
additional general obligation bonds, at its determination, for the |
|
|
economically distressed areas program account of the Texas Water |
|
|
Development Fund II, in an amount not to exceed $400 million. The |
|
|
bonds shall be used to provide financial assistance for the |
|
|
development of water supply, sewer service, and drainage projects |
|
|
in economically distressed areas of the state as defined by law. |
|
|
(a-2) The additional general obligation bonds authorized by |
|
|
Subsection (a-1) of this section may be issued as bonds, notes, or |
|
|
other obligations as permitted by law and shall be sold in forms and |
|
|
denominations, on terms, at times, in the manner, at places, and in |
|
|
installments, as determined by the Texas Water Development Board. |
|
|
The bonds shall bear a rate or rates of interest the Texas Water |
|
|
Development Board determines. The bonds authorized by that |
|
|
subsection shall be incontestable after execution by the Texas |
|
|
Water Development Board, approval by the attorney general, and |
|
|
delivery to the purchaser or purchasers of the bonds. |
|
|
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 provide for voting for or against the |
|
|
proposition: "The constitutional amendment providing for the |
|
|
issuance of additional general obligation bonds by the Texas Water |
|
|
Development Board in an amount not to exceed $400 million to provide |
|
|
financial assistance for the development of certain projects in |
|
|
economically distressed areas." |