87R19188 SRA-D
 
  By: Thompson of Harris, Bonnen, Goldman, H.J.R. No. 5
      Coleman, Meyer, et al.
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the issuance of
  general obligation bonds and the dedication of bond proceeds to the
  Brain Institute of Texas established to fund brain research in this
  state.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 68 to read as follows:
         Sec. 68.  (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 on behalf of the
  Brain Institute of Texas established by general law in an amount not
  to exceed $3 billion and to enter into related credit agreements.
  The Texas Public Finance Authority may not issue more than $300
  million in bonds authorized by this subsection in a year. The bonds
  shall be executed in the form, on the terms, and in the
  denominations, bear interest, and be issued in installments as
  prescribed by the Texas Public Finance Authority.
         (b)  Proceeds from the sale of the bonds shall be deposited
  in separate funds or accounts, as provided by general law, within
  the state treasury to be used by the Brain Institute of Texas for
  the purposes of this section.
         (c)  The Brain Institute of Texas may use the proceeds from
  bonds authorized under Subsection (a) of this section for the
  purpose of funding:
               (1)  grants to institutions of higher education in this
  state for brain research;
               (2)  brain disease and disorder prevention health care;
               (3)  recruitment and development of brain researchers;
               (4)  activities identified in the Texas Brain Research
  Plan;
               (5)  research facilities in this state that conduct
  brain research;
               (6)  the purchase, subject to approval by the Brain
  Institute of Texas, of research facilities by or for a grant
  recipient; and
               (7)  the operation of the institute.
         (d)  The bond proceeds may be used to pay the costs of issuing
  the bonds and any administrative expense related to the bonds.
         (e)  While any of the bonds or interest on the bonds
  authorized by this section is outstanding and unpaid, from the
  first money deposited to the state treasury in each state fiscal
  year not otherwise appropriated by this constitution, an amount
  sufficient to pay the principal of and interest on 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
  is appropriated, less the amount in the sinking fund at the close of
  the previous state 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.
         (g)  The Texas Public Finance Authority shall consider using
  a business whose principal place of business is located in the state
  to issue the bonds authorized by this section and shall include
  using a historically underutilized business as defined by general
  law.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 2, 2021.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  issuance of not more than $3 billion in general obligation bonds and
  the dedication of bond proceeds to the Brain Institute of Texas
  established to fund brain research in this state."