85R15488 JAM-F
By: Lucio, Hinojosa, Perry S.J.R. No. 61
A JOINT RESOLUTION
proposing a constitutional amendment providing for the issuance of
additional general obligation bonds by the Texas Water Development
Board to provide financial assistance for the development of
certain projects in economically distressed areas.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-d-10, Article III, Texas
Constitution, is amended by adding Subsections (a-1) and (a-2) to
read as follows:
(a-1) In addition to the bonds authorized under Subsection
(a) of this section, the Texas Water Development Board may issue
additional general obligation bonds, at its determination, for the
economically distressed areas program account of the Texas Water
Development Fund II, in an amount not to exceed $200 million. The
bonds shall be used to provide financial assistance for the
development of water supply, sewer service, and drainage projects
in economically distressed areas of the state as defined by law.
(a-2) The additional general obligation bonds authorized by
Subsection (a-1) of this section may be issued as bonds, notes, or
other obligations as permitted by law and shall be sold in forms and
denominations, on terms, at times, in the manner, at places, and in
installments, as determined by the Texas Water Development Board.
The bonds shall bear a rate or rates of interest the Texas Water
Development Board determines. The bonds authorized by that
subsection shall be incontestable after execution by the Texas
Water Development Board, approval by the attorney general, and
delivery to the purchaser or purchasers of the bonds.
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 provide for voting for or against the
proposition: "The constitutional amendment providing for the
issuance of additional general obligation bonds by the Texas Water
Development Board in an amount not to exceed $200 million to provide
financial assistance for the development of certain projects in
economically distressed areas."