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