82R22634 TRH-F
By: Ritter H.J.R. No. 137
Substitute the following for H.J.R. No. 137:
By: Keffer C.S.H.J.R. No. 137
A JOINT RESOLUTION
proposing a constitutional amendment providing for 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. (a) In addition to the bonds authorized by
the other provisions of this article, the Texas Water Development
Board may issue 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 by the board under this section that are
outstanding at any time does not exceed $6 billion.
(b) Section 49-d-8 of this article applies to the bonds
authorized by this section. The limitation in 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.
(c) 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.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 8, 2011.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment providing for the
issuance of additional general obligation bonds by the Texas Water
Development Board in an amount not to exceed $6 billion at any time
outstanding."