| 1 | 1 | | 81R10341 JAM-D |
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| 2 | 2 | | By: Lucio S.J.R. No. 46 |
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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 | | general obligation bonds to provide funds for affordable housing. |
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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 49-r to read as follows: |
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| 11 | 11 | | Sec. 49-r. (a) The legislature by general law may |
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| 12 | 12 | | authorize the Texas Department of Housing and Community Affairs or |
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| 13 | 13 | | its successor to issue general obligation bonds of the State of |
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| 14 | 14 | | Texas in an amount not to exceed $300 million and to enter into |
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| 15 | 15 | | related bond enhancement agreements. The proceeds from the sale of |
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| 16 | 16 | | the bonds shall be deposited to the credit of the housing trust fund |
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| 17 | 17 | | or its successor fund and shall be used only to provide affordable |
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| 18 | 18 | | housing in accordance with law. The expenses of issuance of the |
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| 19 | 19 | | bonds and administration of the fund shall be paid from money in the |
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| 20 | 20 | | fund. |
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| 21 | 21 | | (b) The bonds authorized under this section constitute a |
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| 22 | 22 | | general obligation of the state. While any of the bonds or interest |
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| 23 | 23 | | on the bonds is outstanding and unpaid, there is appropriated out of |
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| 24 | 24 | | the first money coming into the treasury in each fiscal year not |
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| 25 | 25 | | otherwise appropriated by this constitution an amount sufficient to |
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| 26 | 26 | | pay the principal of and interest on the bonds that mature or become |
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| 27 | 27 | | due during the fiscal year, including an amount sufficient to make |
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| 28 | 28 | | payments under a related bond enhancement agreement. |
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| 29 | 29 | | SECTION 2. This proposed constitutional amendment shall be |
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| 30 | 30 | | submitted to the voters at an election to be held November 3, 2009. |
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| 31 | 31 | | The ballot shall be printed to permit voting for or against the |
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| 32 | 32 | | proposition: "The constitutional amendment authorizing the |
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| 33 | 33 | | issuance of general obligation bonds to provide funds for |
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| 34 | 34 | | affordable housing." |
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