By: Averitt S.J.R. No. 50
SENATE JOINT RESOLUTION
proposing a constitutional amendment relating to the issuance of
additional general obligation bonds by the Texas Water Development
Board.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-d-11 to read as follows:
Sec. 49-d-11. ISSUANCE OF ADDITIONAL GENERAL OBLIGATION
BONDS. (a) In addition to other bonds authorized by this article,
the Texas Water Development Board may issue additional general
obligation bonds, at its determination and on a continuing basis,
for one or more accounts of the Texas Water Development Fund II, in
amounts such that the aggregate principal amount of the bonds
issued under this section does not exceed $6 billion outstanding at
any one time.
(b) Except as provided by Subsection (c) of this section,
Section 49-d-8 of this article applies to the bonds authorized by
this section.
(c) The limitation provided by Section 49-d-8 of this
article that the Texas Water Development Board may not issue bonds
in excess of the aggregate principal amount of previously
authorized bonds does not apply to the bonds authorized by and
issued under this section.
(d) A limitation on the percentage of state participation in
any single project imposed by this article does not apply to a
project funded with the proceeds of bonds issued under the
authority of this section or Section 49-d-8 of this article.
(e) Except as provided by Subsection (f) of this section, no
bonds shall be issued under the authority of this section for the
purpose of augmenting the state participation account of the Texas
Water Development Fund II or the water infrastructure fund unless
the legislature by general law dedicates portions of the state's
revenues in support of debt service on bonds issued for such
purpose. Portions of the state's revenue dedicated as provided by
this subsection may be used as provided by this section and Section
49-d-8 of this article without further appropriation.
(f) Subsection (e) of this section does not apply to bonds
issued under authority of this section that at the time of their
issuance are not state debt payable from the general revenue fund
within the meaning of Section 49-j of this article.
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 allowing the issuance
of additional general obligation bonds by the Texas Water
Development Board not to exceed $6 billion outstanding at any
time."