By: Villarreal H.J.R. No. 99
A JOINT RESOLUTION
proposing a constitutional amendment providing for the issuance of
general obligation bonds to finance pay-for-performance contracts
for certain programs and services for health programs.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-q to read as follows:
Sec. 49-q. (a) The legislature by general law may authorize
the Pay-for-Performance Advisory Committee to contract with a third
party to provide for, issue, and sell general obligation bonds of
the State of Texas in an amount not to exceed $100 million, and to
enter into related credit agreements, to fund programs and services
for health programs. The bonds shall be executed in the form, on
the terms, and in the denominations, and bear interest and be issued
in installments, as prescribed by the Texas Public Finance
Authority.
(b) The comptroller of public accounts shall create a
special fund in the state treasury for the deposit of the proceeds
from the sale of the bonds. Money in the fund may be appropriated
only to pay:
(1) for pay-for-performance contracts authorized by
general law for the operation of programs or provision of services,
the primary purpose of which is health care, preventive services,
or other health promotion programs; or
(2) the principal of or interest on the bonds.
(c) The comptroller of public accounts may invest money in
the fund and shall credit to the fund income from the investments.
(d) The maximum net effective interest rate to be borne by
bonds issued under this section may not exceed the maximum rate
provided by general law.
(e) The comptroller of public accounts may establish and
invest an interest and sinking fund to pay the bonds.
(f) While any of the bonds or interest on the bonds
authorized by this section is outstanding and unpaid, from the
first money coming into the state treasury in each state fiscal year
not otherwise appropriated by this constitution, an amount
sufficient to pay the principal and interest on bonds that mature or
become due during the fiscal year and to make payments that become
due under a related credit agreement during the fiscal year is
appropriated, less the amount in the sinking fund at the close of
the previous fiscal year.
(g) Bonds issued under this section, after approval by the
attorney general, registration by the comptroller of public
accounts, and delivery to the purchasers, are incontestable and are
general obligations of the State of Texas under this constitution.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2013.
The ballot shall be printed to permit voting for or against the
proposition:
"The constitutional amendment providing for the
issuance of general obligation bonds to finance
pay-for-performance contracts for certain programs and services
for certain offenders."