| 1 | 1 | | By: Hinojosa, et al. S.J.R. No. 4 |
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| 2 | 2 | | (Ritter) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | proposing a constitutional amendment providing for 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. (a) In addition to the bonds authorized by |
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| 12 | 12 | | the other provisions of this article, the Texas Water Development |
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| 13 | 13 | | Board may issue general obligation bonds, at its determination and |
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| 14 | 14 | | on a continuing basis, for one or more accounts of the Texas Water |
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| 15 | 15 | | Development Fund II in amounts such that the aggregate principal |
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| 16 | 16 | | amount of the bonds issued by the board under this section that are |
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| 17 | 17 | | outstanding at any time does not exceed $6 billion. |
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| 18 | 18 | | (b) Section 49-d-8 of this article applies to the bonds |
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| 19 | 19 | | authorized by this section. The limitation in Section 49-d-8 of |
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| 20 | 20 | | this article that the Texas Water Development Board may not issue |
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| 21 | 21 | | bonds in excess of the aggregate principal amount of previously |
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| 22 | 22 | | authorized bonds does not apply to the bonds authorized by and |
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| 23 | 23 | | issued under this section. |
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| 24 | 24 | | (c) A limitation on the percentage of state participation in |
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| 25 | 25 | | any single project imposed by this article does not apply to a |
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| 26 | 26 | | project funded with the proceeds of bonds issued under the |
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| 27 | 27 | | authority of this section or Section 49-d-8 of this article. |
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| 28 | 28 | | SECTION 2. This proposed constitutional amendment shall be |
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| 29 | 29 | | submitted to the voters at an election to be held November 8, 2011. |
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| 30 | 30 | | The ballot shall be printed to permit voting for or against the |
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| 31 | 31 | | proposition: "The constitutional amendment providing for the |
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| 32 | 32 | | issuance of additional general obligation bonds by the Texas Water |
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| 33 | 33 | | Development Board in an amount not to exceed $6 billion at any time |
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| 34 | 34 | | outstanding." |
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