| 1 | 1 | | 85R15488 JAM-F |
|---|
| 2 | 2 | | By: Lucio, Hinojosa, Perry S.J.R. No. 61 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A JOINT RESOLUTION |
|---|
| 6 | 6 | | proposing a constitutional amendment providing for the issuance of |
|---|
| 7 | 7 | | additional general obligation bonds by the Texas Water Development |
|---|
| 8 | 8 | | Board to provide financial assistance for the development of |
|---|
| 9 | 9 | | certain projects in economically distressed areas. |
|---|
| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Section 49-d-10, Article III, Texas |
|---|
| 12 | 12 | | Constitution, is amended by adding Subsections (a-1) and (a-2) to |
|---|
| 13 | 13 | | read as follows: |
|---|
| 14 | 14 | | (a-1) In addition to the bonds authorized under Subsection |
|---|
| 15 | 15 | | (a) of this section, the Texas Water Development Board may issue |
|---|
| 16 | 16 | | additional general obligation bonds, at its determination, for the |
|---|
| 17 | 17 | | economically distressed areas program account of the Texas Water |
|---|
| 18 | 18 | | Development Fund II, in an amount not to exceed $200 million. The |
|---|
| 19 | 19 | | bonds shall be used to provide financial assistance for the |
|---|
| 20 | 20 | | development of water supply, sewer service, and drainage projects |
|---|
| 21 | 21 | | in economically distressed areas of the state as defined by law. |
|---|
| 22 | 22 | | (a-2) The additional general obligation bonds authorized by |
|---|
| 23 | 23 | | Subsection (a-1) of this section may be issued as bonds, notes, or |
|---|
| 24 | 24 | | other obligations as permitted by law and shall be sold in forms and |
|---|
| 25 | 25 | | denominations, on terms, at times, in the manner, at places, and in |
|---|
| 26 | 26 | | installments, as determined by the Texas Water Development Board. |
|---|
| 27 | 27 | | The bonds shall bear a rate or rates of interest the Texas Water |
|---|
| 28 | 28 | | Development Board determines. The bonds authorized by that |
|---|
| 29 | 29 | | subsection shall be incontestable after execution by the Texas |
|---|
| 30 | 30 | | Water Development Board, approval by the attorney general, and |
|---|
| 31 | 31 | | delivery to the purchaser or purchasers of the bonds. |
|---|
| 32 | 32 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 33 | 33 | | submitted to the voters at an election to be held November 7, 2017. |
|---|
| 34 | 34 | | The ballot shall be printed to provide for voting for or against the |
|---|
| 35 | 35 | | proposition: "The constitutional amendment providing for the |
|---|
| 36 | 36 | | issuance of additional general obligation bonds by the Texas Water |
|---|
| 37 | 37 | | Development Board in an amount not to exceed $200 million to provide |
|---|
| 38 | 38 | | financial assistance for the development of certain projects in |
|---|
| 39 | 39 | | economically distressed areas." |
|---|