| 1 | 1 | | By: Averitt S.J.R. No. 50 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | SENATE JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment relating to the issuance of |
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| 6 | 6 | | additional general obligation bonds by the Texas Water Development |
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| 7 | 7 | | Board. |
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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-d-11 to read as follows: |
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| 11 | 11 | | Sec. 49-d-11. ISSUANCE OF ADDITIONAL GENERAL OBLIGATION |
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| 12 | 12 | | BONDS. (a) In addition to other bonds authorized by this article, |
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| 13 | 13 | | the Texas Water Development Board may issue additional general |
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| 14 | 14 | | obligation bonds, at its determination and on a continuing basis, |
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| 15 | 15 | | for one or more accounts of the Texas Water Development Fund II, in |
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| 16 | 16 | | amounts such that the aggregate principal amount of the bonds |
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| 17 | 17 | | issued under this section does not exceed $6 billion outstanding at |
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| 18 | 18 | | any one time. |
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| 19 | 19 | | (b) Except as provided by Subsection (c) of this section, |
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| 20 | 20 | | Section 49-d-8 of this article applies to the bonds authorized by |
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| 21 | 21 | | this section. |
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| 22 | 22 | | (c) The limitation provided by Section 49-d-8 of this |
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| 23 | 23 | | article that the Texas Water Development Board may not issue bonds |
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| 24 | 24 | | in excess of the aggregate principal amount of previously |
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| 25 | 25 | | authorized bonds does not apply to the bonds authorized by and |
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| 26 | 26 | | issued under this section. |
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| 27 | 27 | | (d) A limitation on the percentage of state participation in |
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| 28 | 28 | | any single project imposed by this article does not apply to a |
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| 29 | 29 | | project funded with the proceeds of bonds issued under the |
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| 30 | 30 | | authority of this section or Section 49-d-8 of this article. |
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| 31 | 31 | | (e) Except as provided by Subsection (f) of this section, no |
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| 32 | 32 | | bonds shall be issued under the authority of this section for the |
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| 33 | 33 | | purpose of augmenting the state participation account of the Texas |
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| 34 | 34 | | Water Development Fund II or the water infrastructure fund unless |
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| 35 | 35 | | the legislature by general law dedicates portions of the state's |
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| 36 | 36 | | revenues in support of debt service on bonds issued for such |
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| 37 | 37 | | purpose. Portions of the state's revenue dedicated as provided by |
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| 38 | 38 | | this subsection may be used as provided by this section and Section |
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| 39 | 39 | | 49-d-8 of this article without further appropriation. |
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| 40 | 40 | | (f) Subsection (e) of this section does not apply to bonds |
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| 41 | 41 | | issued under authority of this section that at the time of their |
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| 42 | 42 | | issuance are not state debt payable from the general revenue fund |
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| 43 | 43 | | within the meaning of Section 49-j of this article. |
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| 44 | 44 | | SECTION 2. This proposed constitutional amendment shall be |
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| 45 | 45 | | submitted to the voters at an election to be held November 3, 2009. |
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| 46 | 46 | | The ballot shall be printed to permit voting for or against the |
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| 47 | 47 | | proposition: "The constitutional amendment allowing the issuance |
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| 48 | 48 | | of additional general obligation bonds by the Texas Water |
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| 49 | 49 | | Development Board not to exceed $6 billion outstanding at any |
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| 50 | 50 | | time." |
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