81R3904 KFF-D
By: Van de Putte S.J.R. No. 17
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds to provide and guarantee loans to
encourage the use of hydrogen as a cleaner fuel source.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-q to read as follows:
Sec. 49-q. (a) To provide and guarantee loans to encourage
the use in this state of hydrogen as a cleaner fuel source, the
legislature by general law may authorize the Texas Public Finance
Authority or its successor to issue general obligation bonds of the
State of Texas in an amount not to exceed $250 million and to enter
into related bond enhancement agreements. The proceeds from the
sale of the bonds may be used only to make and guarantee loans to
business entities, state agencies, institutions of higher
education, and political subdivisions of this state for projects
related to the manufacture, storage, distribution, or sale in this
state of hydrogen as a fuel source.
(b) The bonds authorized under this section constitute a
general obligation of the state. While any of the bonds or interest
on the bonds is outstanding and unpaid, there is appropriated out of
the first money coming into the treasury in each fiscal year not
otherwise appropriated by this constitution an amount sufficient to
pay the principal of and interest on the bonds that mature or become
due during the fiscal year, including an amount sufficient to make
payments under a related bond enhancement agreement.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 3, 2009.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
issuance of state general obligation bonds to stimulate economic
development by providing and guaranteeing loans to encourage the
use of hydrogen as a cleaner fuel source."