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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 and the dedication of bond proceeds to the |
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Brain Institute of Texas research fund established to fund brain |
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research in this state. |
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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 Brain Institute of Texas research fund is |
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established in the state treasury and consists of: |
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(1) money deposited to the fund from the sale of bonds |
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as provided by this section; |
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(2) appropriations made to the fund by the |
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legislature; |
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(3) gifts and grants, including grants from the |
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federal government and other organizations, made to the fund or the |
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Brain Institute of Texas; and |
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(4) all interest, dividends, and other income of the |
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fund. |
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(b) Money from the Brain Institute of Texas research fund |
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may be used as provided by general law for the purpose of funding: |
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(1) grants to institutions of higher education in this |
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state for brain research; |
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(2) brain disease and disorder prevention health care; |
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(3) recruitment and development of brain researchers; |
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(4) activities identified in the Texas Brain Research |
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Plan; |
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(5) research facilities in this state that conduct |
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brain research; |
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(6) the purchase, subject to approval by the Brain |
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Institute of Texas, of research facilities by or for a grant |
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recipient; and |
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(7) the operation of the institute. |
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(c) The legislature by general law may authorize the Texas |
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Public Finance Authority to provide for, issue, and sell general |
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obligation bonds of the State of Texas on behalf of the Brain |
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Institute of Texas in an amount not to exceed $5 billion and to |
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enter into related credit agreements. The Texas Public Finance |
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Authority may not issue more than $500 million in bonds authorized |
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by this subsection in a year. The bonds shall be executed in the |
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form, on the terms, and in the denominations, bear interest, and be |
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issued in installments as prescribed by the Texas Public Finance |
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Authority. |
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(d) 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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(e) 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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(f) 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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(g) The Texas Public Finance Authority shall consider using |
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a business whose principal place of business is located in the state |
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to issue the bonds authorized by this section and shall include |
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using a historically underutilized business as defined by general |
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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 2, 2021. |
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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 up to $5 billion in general obligation bonds and the |
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dedication of bond proceeds to the Brain Institute of Texas |
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research fund established to fund brain research in this state." |