81R10341 JAM-D
By: Lucio S.J.R. No. 46
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds to provide funds for affordable housing.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-r to read as follows:
Sec. 49-r. (a) The legislature by general law may
authorize the Texas Department of Housing and Community Affairs or
its successor to issue general obligation bonds of the State of
Texas in an amount not to exceed $300 million and to enter into
related bond enhancement agreements. The proceeds from the sale of
the bonds shall be deposited to the credit of the housing trust fund
or its successor fund and shall be used only to provide affordable
housing in accordance with law. The expenses of issuance of the
bonds and administration of the fund shall be paid from money in the
fund.
(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 general obligation bonds to provide funds for
affordable housing."