81R4122 KFF-D
By: Ellis S.J.R. No. 28
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds to provide and guarantee loans to promote
the use of renewable energy technology and the making of energy
efficiency improvements.
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 promote
the use of renewable energy technology and the making of energy
efficiency improvements, 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 $1 billion 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 renewable energy technology uses or
for energy efficiency improvements.
(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 promote the use
of renewable energy technology and the making of energy efficiency
improvements."