81R9528 MTB-D
By: Lucio S.J.R. No. 45
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
additional general obligation bonds and notes to provide financial
assistance to counties for roadway projects to serve border
colonias.
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 fund financial assistance to counties for
roadways to serve border colonias, the legislature by general law
may authorize the governor to authorize the Texas Public Finance
Authority or its successor to issue general obligation bonds or
notes of the State of Texas in an aggregate amount not to exceed an
additional $175 million and to enter into related credit
agreements. Except as provided by Subsection (c) of this section,
the proceeds from the sale of the bonds and notes may be used only to
provide financial assistance to counties for projects to provide
access roads to connect border colonias with public roads.
Projects may include the construction of colonia access roads, the
acquisition of materials used in maintaining colonia access roads,
and projects related to the construction of colonia access roads,
such as projects for the drainage of the roads.
(b) The Texas Transportation Commission may, in its
discretion and in consultation with the office of the governor,
determine what constitutes a border colonia for purposes of
selecting the counties and projects that may receive assistance
under this section.
(c) A portion of the proceeds from the sale of the bonds and
notes and a portion of the interest earned on the bonds and notes
may be used to pay:
(1) the costs of administering projects authorized
under this section; and
(2) all or part of a payment owed or to be owed under a
credit agreement.
(d) The bonds and notes authorized under this section
constitute a general obligation of the state. While any of the
bonds or notes or interest on the bonds or notes is outstanding and
unpaid, there is appropriated out of the general revenue fund in
each fiscal year an amount sufficient to pay the principal of and
interest on the bonds and notes that mature or become due during the
fiscal year, including an amount sufficient to make payments under
a related credit 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 additional state general obligation bonds and notes to
provide financial assistance to counties for roadway projects to
serve border colonias."