87R11996 JXC-D
 
  By: Gutierrez S.J.R. No. 64
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the legislature
  to provide for the issuance of general obligation bonds to support
  the development of public telecommunications and information
  services infrastructure 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.  GENERAL OBLIGATION BONDS FOR TELECOMMUNICATIONS
  AND INFORMATION INFRASTRUCTURE. (a)  The legislature by general
  law may provide for a state agency to issue and sell general
  obligation bonds of the State of Texas in an amount not to exceed $1
  billion and to enter into related credit agreements.  The bonds must
  be executed in the form, on the terms, and in the denominations,
  bear interest, and be issued in installments as prescribed by
  general law.
         (b)  Proceeds from the sale of the bonds shall be deposited
  to the credit of a fund or account in the state treasury created by
  the comptroller of public accounts for this purpose or as provided
  by general law.  Money in that fund or account may be appropriated
  only for the purpose of construction, maintenance, improvement, or
  repair of telecommunications or information services
  infrastructure projects as authorized by general law to provide
  telecommunications or information services for public use.
         (c)  While any of the bonds or interest on the bonds
  authorized by this section is outstanding and unpaid, from the
  first money coming into the state treasury in each fiscal year not
  otherwise appropriated by this constitution, an amount sufficient
  to pay the principal 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
  fiscal year.
         (d)  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.
         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
  legislature to provide for the issuance of general obligation bonds
  to support the development of public telecommunications and
  information services infrastructure in this state."