| 1 | 1 | | 2017S0367-1 03/02/17 |
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| 2 | 2 | | By: Perry S.J.R. No. 47 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment authorizing the issuance of |
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| 7 | 7 | | general obligation bonds to pay for certain state infrastructure |
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| 8 | 8 | | projects. |
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| 9 | 9 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Article III, Texas Constitution, is amended by |
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| 11 | 11 | | adding Section 50-i to read as follows: |
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| 12 | 12 | | Sec. 50-i. (a) The legislature by general law may |
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| 13 | 13 | | authorize the Texas Public Finance Authority to provide for, issue, |
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| 14 | 14 | | and sell general obligation bonds of the State of Texas in a total |
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| 15 | 15 | | amount not to exceed $1 billion and to enter into related credit |
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| 16 | 16 | | agreements. The bonds may be executed only as prescribed by the |
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| 17 | 17 | | Texas Public Finance Authority as to the form of execution, terms, |
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| 18 | 18 | | denominations, interest rates, and issuance, in installments or |
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| 19 | 19 | | otherwise, in accordance with general law. |
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| 20 | 20 | | (b) The state infrastructure projects fund is a fund created |
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| 21 | 21 | | in the state treasury outside of the general revenue fund to be |
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| 22 | 22 | | administered by the Texas Public Finance Authority. |
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| 23 | 23 | | (c) The Texas Public Finance Authority shall deposit the |
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| 24 | 24 | | proceeds from the sale of the bonds to the credit of the state |
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| 25 | 25 | | infrastructure projects fund. Money credited to the state |
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| 26 | 26 | | infrastructure projects fund under this section may be used only in |
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| 27 | 27 | | accordance with legislative appropriations and only to pay for |
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| 28 | 28 | | projects to repair, renovate, rehabilitate, or construct state |
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| 29 | 29 | | infrastructure other than transportation infrastructure and higher |
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| 30 | 30 | | education facilities. In this subsection: |
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| 31 | 31 | | (1) "Transportation infrastructure" means roads, |
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| 32 | 32 | | streets, ways, bridges, or culverts. |
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| 33 | 33 | | (2) "Higher education facilities" means property, |
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| 34 | 34 | | buildings, structures, or other facilities used or intended to be |
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| 35 | 35 | | used by a public institution of higher education. |
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| 36 | 36 | | (d) The maximum net effective interest rate to be borne by |
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| 37 | 37 | | bonds issued under this section may be established by general law. |
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| 38 | 38 | | (e) While any of the bonds authorized by this section, or |
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| 39 | 39 | | any interest on those bonds, is outstanding and unpaid, from the |
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| 40 | 40 | | first money coming into the state treasury in each state fiscal year |
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| 41 | 41 | | not otherwise appropriated by this constitution, there is |
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| 42 | 42 | | appropriated an amount sufficient to pay the principal and interest |
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| 43 | 43 | | on those bonds that mature or become due during the fiscal year and |
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| 44 | 44 | | to make payments that become due under a related credit agreement |
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| 45 | 45 | | during the fiscal year. |
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| 46 | 46 | | (f) Bonds issued under this section, after approval by the |
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| 47 | 47 | | attorney general, registration by the comptroller of public |
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| 48 | 48 | | accounts, and delivery to the purchasers, are incontestable and are |
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| 49 | 49 | | general obligations of the State of Texas under this constitution. |
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| 50 | 50 | | SECTION 2. This proposed constitutional amendment shall be |
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| 51 | 51 | | submitted to the voters at an election to be held November 7, 2017. |
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| 52 | 52 | | The ballot shall be printed to permit voting for or against the |
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| 53 | 53 | | proposition: "The constitutional amendment to authorize the |
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| 54 | 54 | | issuance of up to $1 billion in bonds to pay for certain state |
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| 55 | 55 | | infrastructure projects and the repayment of those bonds from the |
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| 56 | 56 | | general revenues of the state." |
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