2017S0367-1 03/02/17
By: Perry S.J.R. No. 47
JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds to pay for certain state infrastructure
projects.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 50-i to read as follows:
Sec. 50-i. (a) The legislature by general law may
authorize the Texas Public Finance Authority to provide for, issue,
and sell general obligation bonds of the State of Texas in a total
amount not to exceed $1 billion and to enter into related credit
agreements. The bonds may be executed only as prescribed by the
Texas Public Finance Authority as to the form of execution, terms,
denominations, interest rates, and issuance, in installments or
otherwise, in accordance with general law.
(b) The state infrastructure projects fund is a fund created
in the state treasury outside of the general revenue fund to be
administered by the Texas Public Finance Authority.
(c) The Texas Public Finance Authority shall deposit the
proceeds from the sale of the bonds to the credit of the state
infrastructure projects fund. Money credited to the state
infrastructure projects fund under this section may be used only in
accordance with legislative appropriations and only to pay for
projects to repair, renovate, rehabilitate, or construct state
infrastructure other than transportation infrastructure and higher
education facilities. In this subsection:
(1) "Transportation infrastructure" means roads,
streets, ways, bridges, or culverts.
(2) "Higher education facilities" means property,
buildings, structures, or other facilities used or intended to be
used by a public institution of higher education.
(d) The maximum net effective interest rate to be borne by
bonds issued under this section may be established by general law.
(e) While any of the bonds authorized by this section, or
any interest on those bonds, is outstanding and unpaid, from the
first money coming into the state treasury in each state fiscal year
not otherwise appropriated by this constitution, there is
appropriated an amount sufficient to pay the principal and interest
on those 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.
(f) 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 7, 2017.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to authorize the
issuance of up to $1 billion in bonds to pay for certain state
infrastructure projects and the repayment of those bonds from the
general revenues of the state."