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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide for the issuance of general obligation bonds to support |
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the development of public telecommunications and information |
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services infrastructure 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. GENERAL OBLIGATION BONDS FOR TELECOMMUNICATIONS |
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AND INFORMATION INFRASTRUCTURE. (a) The legislature by general |
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law may provide for a state agency to issue and sell general |
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obligation bonds of the State of Texas in an amount not to exceed $1 |
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billion and to enter into related credit agreements. The bonds must |
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be executed in the form, on the terms, and in the denominations, |
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bear interest, and be issued in installments as prescribed by |
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general law. |
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(b) Proceeds from the sale of the bonds shall be deposited |
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to the credit of a fund or account in the state treasury created by |
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the comptroller of public accounts for this purpose or as provided |
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by general law. Money in that fund or account may be appropriated |
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only for the purpose of construction, maintenance, improvement, or |
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repair of telecommunications or information services |
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infrastructure projects as authorized by general law to provide |
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telecommunications or information services for public use. |
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(c) 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 and interest on bonds that mature or become due |
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during the fiscal year and to make payments that become due under a |
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related credit agreement during the fiscal year is appropriated, |
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less the amount in the sinking fund at the close of the previous |
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fiscal year. |
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(d) 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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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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legislature to provide for the issuance of general obligation bonds |
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to support the development of public telecommunications and |
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information services infrastructure in this state." |