| 1 | 1 | | By: Hinojosa S.J.R. No. 65 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment relating to the use of bonds |
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| 6 | 6 | | and notes in the military value revolving loan account. |
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| 7 | 7 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 49-n(a), Article III, Texas |
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| 9 | 9 | | Constitution, as proposed by S.J.R. 55, 78th Legislature, Regular |
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| 10 | 10 | | Session, 2003, is amended to read as follows: |
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| 11 | 11 | | (a) The legislature by general law may authorize one or more |
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| 12 | 12 | | state agencies to issue general obligation bonds or notes of the |
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| 13 | 13 | | State of Texas in an aggregate amount not to exceed $250 million and |
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| 14 | 14 | | enter into related credit agreements. The proceeds from the sale of |
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| 15 | 15 | | the bonds and notes shall be deposited in the Texas military value |
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| 16 | 16 | | revolving loan and grant account in the state treasury or its |
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| 17 | 17 | | successor account to be used by one or more state agencies |
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| 18 | 18 | | designated by the legislature by general law without further |
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| 19 | 19 | | appropriation to provide loans and grants for economic development |
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| 20 | 20 | | projects that benefit defense-related communities, as defined by |
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| 21 | 21 | | the legislature by general law, including projects that enhance the |
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| 22 | 22 | | military value of military installations located in the state. The |
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| 23 | 23 | | legislature also may provide by general law or appropriation for |
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| 24 | 24 | | repayment of any debt incurred by bonds or notes issued under the |
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| 25 | 25 | | authority of this subsection after December 31, 2015. |
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| 26 | 26 | | SECTION 2. This proposed constitutional amendment shall be |
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| 27 | 27 | | submitted to the voters at an election to be held November 3, 2015. |
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| 28 | 28 | | The ballot shall be printed to permit voting for or against the |
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| 29 | 29 | | proposition: "The constitutional amendment allowing the |
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| 30 | 30 | | legislature to use bonds for grants to defense-related communities |
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| 31 | 31 | | for any related purpose that adds military value to the military |
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| 32 | 32 | | installations within Texas." |
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