| 1 | 1 | | 81R9528 MTB-D |
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| 2 | 2 | | By: Lucio S.J.R. No. 45 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment authorizing the issuance of |
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| 7 | 7 | | additional general obligation bonds and notes to provide financial |
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| 8 | 8 | | assistance to counties for roadway projects to serve border |
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| 9 | 9 | | colonias. |
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| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Article III, Texas Constitution, is amended by |
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| 12 | 12 | | adding Section 49-q to read as follows: |
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| 13 | 13 | | Sec. 49-q. (a) To fund financial assistance to counties for |
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| 14 | 14 | | roadways to serve border colonias, the legislature by general law |
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| 15 | 15 | | may authorize the governor to authorize the Texas Public Finance |
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| 16 | 16 | | Authority or its successor to issue general obligation bonds or |
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| 17 | 17 | | notes of the State of Texas in an aggregate amount not to exceed an |
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| 18 | 18 | | additional $175 million and to enter into related credit |
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| 19 | 19 | | agreements. Except as provided by Subsection (c) of this section, |
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| 20 | 20 | | the proceeds from the sale of the bonds and notes may be used only to |
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| 21 | 21 | | provide financial assistance to counties for projects to provide |
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| 22 | 22 | | access roads to connect border colonias with public roads. |
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| 23 | 23 | | Projects may include the construction of colonia access roads, the |
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| 24 | 24 | | acquisition of materials used in maintaining colonia access roads, |
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| 25 | 25 | | and projects related to the construction of colonia access roads, |
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| 26 | 26 | | such as projects for the drainage of the roads. |
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| 27 | 27 | | (b) The Texas Transportation Commission may, in its |
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| 28 | 28 | | discretion and in consultation with the office of the governor, |
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| 29 | 29 | | determine what constitutes a border colonia for purposes of |
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| 30 | 30 | | selecting the counties and projects that may receive assistance |
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| 31 | 31 | | under this section. |
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| 32 | 32 | | (c) A portion of the proceeds from the sale of the bonds and |
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| 33 | 33 | | notes and a portion of the interest earned on the bonds and notes |
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| 34 | 34 | | may be used to pay: |
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| 35 | 35 | | (1) the costs of administering projects authorized |
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| 36 | 36 | | under this section; and |
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| 37 | 37 | | (2) all or part of a payment owed or to be owed under a |
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| 38 | 38 | | credit agreement. |
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| 39 | 39 | | (d) The bonds and notes authorized under this section |
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| 40 | 40 | | constitute a general obligation of the state. While any of the |
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| 41 | 41 | | bonds or notes or interest on the bonds or notes is outstanding and |
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| 42 | 42 | | unpaid, there is appropriated out of the general revenue fund in |
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| 43 | 43 | | each fiscal year an amount sufficient to pay the principal of and |
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| 44 | 44 | | interest on the bonds and notes that mature or become due during the |
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| 45 | 45 | | fiscal year, including an amount sufficient to make payments under |
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| 46 | 46 | | a related credit agreement. |
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| 47 | 47 | | SECTION 2. This proposed constitutional amendment shall be |
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| 48 | 48 | | submitted to the voters at an election to be held November 3, 2009. |
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| 49 | 49 | | The ballot shall be printed to permit voting for or against the |
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| 50 | 50 | | proposition: "The constitutional amendment authorizing the |
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| 51 | 51 | | issuance of additional state general obligation bonds and notes to |
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| 52 | 52 | | provide financial assistance to counties for roadway projects to |
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| 53 | 53 | | serve border colonias." |
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