| 1 | 1 | | By: Alonzo H.J.R. No. 1 |
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| 3 | 3 | | |
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| 4 | 4 | | A JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment providing for the issuance of |
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| 6 | 6 | | general obligation bonds to provide funding to develop and maintain |
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| 7 | 7 | | research universities in this state of the highest tier. |
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| 8 | 8 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Article III, Texas Constitution, is amended by |
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| 10 | 10 | | adding Section 68 to read as follows: |
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| 11 | 11 | | Sec. 68. (a) The legislature by general law may authorize |
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| 12 | 12 | | the Texas Public Finance Authority to provide for, issue, and sell |
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| 13 | 13 | | general obligation bonds of the State of Texas in an amount not to |
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| 14 | 14 | | exceed $3 billion and to enter into related credit agreements. The |
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| 15 | 15 | | authority may not issue more than $300 million in bonds authorized |
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| 16 | 16 | | by this section in a year. The bonds shall be executed in the form, |
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| 17 | 17 | | on the terms, and in the denominations, bear interest, and be issued |
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| 18 | 18 | | in installments as prescribed by the Texas Public Finance |
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| 19 | 19 | | Authority. |
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| 20 | 20 | | (b) Proceeds from the sale of the bonds shall be deposited |
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| 21 | 21 | | in a separate fund in the state treasury to be used by the |
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| 22 | 22 | | legislature to provide funding to develop and maintain research |
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| 23 | 23 | | universities in this state of the highest tier. |
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| 24 | 24 | | (c) The bond proceeds may also be used to pay the costs of |
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| 25 | 25 | | issuing the bonds and any administrative expense related to the |
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| 26 | 26 | | bonds. |
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| 27 | 27 | | (d) While any of the bonds or interest on the bonds |
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| 28 | 28 | | authorized by this section is outstanding and unpaid, from the |
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| 29 | 29 | | first money coming into the state treasury in each fiscal year not |
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| 30 | 30 | | otherwise appropriated by this constitution, an amount sufficient |
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| 31 | 31 | | to pay the principal of and interest on bonds that mature or become |
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| 32 | 32 | | due during the fiscal year and to make payments that become due |
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| 33 | 33 | | under a related credit agreement during the fiscal year is |
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| 34 | 34 | | appropriated, less the amount in the sinking fund at the close of |
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| 35 | 35 | | the previous fiscal year. |
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| 36 | 36 | | (e) Bonds issued under this section, after approval by the |
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| 37 | 37 | | attorney general, registration by the comptroller of public |
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| 38 | 38 | | accounts, and delivery to the purchasers, are incontestable and are |
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| 39 | 39 | | general obligations of the State of Texas under this constitution. |
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| 40 | 40 | | SECTION 2. This proposed constitutional amendment shall be |
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| 41 | 41 | | submitted to the voters at an election to be held November 3, 2009. |
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| 42 | 42 | | The ballot shall be printed to permit voting for or against the |
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| 43 | 43 | | proposition: "The constitutional amendment providing for the |
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| 44 | 44 | | issuance of general obligation bonds to provide funding to develop |
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| 45 | 45 | | and maintain research universities in this state of the highest |
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| 46 | 46 | | tier." |
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