| 1 | 1 | | By: Coleman H.J.R. No. 114 |
|---|
| 2 | 2 | | |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | A JOINT RESOLUTION |
|---|
| 5 | 5 | | proposing a constitutional amendment providing for the issuance of |
|---|
| 6 | 6 | | general obligation bonds to be paid out of the economic |
|---|
| 7 | 7 | | stabilization fund by the Texas Water Development Board to provide |
|---|
| 8 | 8 | | financial assistance to political subdivisions for projects |
|---|
| 9 | 9 | | related to disaster recovery; disaster mitigation; disaster |
|---|
| 10 | 10 | | response; or construct, repair, rehabilitate, or reconstruct state |
|---|
| 11 | 11 | | or local infrastructure. |
|---|
| 12 | 12 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 13 | 13 | | SECTION 1. Article XIV, Texas Constitution, is amended by |
|---|
| 14 | 14 | | adding Section 2 to read as follows: |
|---|
| 15 | 15 | | Sec. 2. (a) |
|---|
| 16 | 16 | | The legislature by general law may authorize |
|---|
| 17 | 17 | | the Texas Water Development Board to issue general obligation bonds |
|---|
| 18 | 18 | | of the State of Texas in an aggregate amount not to exceed $10 |
|---|
| 19 | 19 | | billion and enter into related grant agreements to provide |
|---|
| 20 | 20 | | financial assistance to political subdivisions for projects |
|---|
| 21 | 21 | | related to disaster recovery; disaster mitigation; disaster |
|---|
| 22 | 22 | | response; or construct, repair, rehabilitate, or reconstruct state |
|---|
| 23 | 23 | | or local infrastructure. The legislature by general law may |
|---|
| 24 | 24 | | prescribe procedures for the administration of this section. |
|---|
| 25 | 25 | | (b) The bonds authorized under this section shall be |
|---|
| 26 | 26 | | executed in the form, on the terms, and in the denominations, bear |
|---|
| 27 | 27 | | interest, and be issued as prescribed by the Texas Water |
|---|
| 28 | 28 | | Development Board. |
|---|
| 29 | 29 | | (c) The bonds authorized under this section constitute a |
|---|
| 30 | 30 | | general obligation of the state. While any of the bonds or interest |
|---|
| 31 | 31 | | on the bonds is outstanding and unpaid, there is appropriated out of |
|---|
| 32 | 32 | | the first money coming into the economic stabilization fund or |
|---|
| 33 | 33 | | treasury each fiscal year, not otherwise appropriated by this |
|---|
| 34 | 34 | | constitution, an amount sufficient to pay the principal of and |
|---|
| 35 | 35 | | interest on the bonds that mature or become due during the fiscal |
|---|
| 36 | 36 | | year, including an amount sufficient to make payments under a |
|---|
| 37 | 37 | | related credit agreement. |
|---|
| 38 | 38 | | (d) The proceeds from the issuance and sale of the bonds, |
|---|
| 39 | 39 | | and the interest earned on the bonds, are appropriated when |
|---|
| 40 | 40 | | received by the state and may be used as provided by this section |
|---|
| 41 | 41 | | and law enacted under this section without further appropriation. |
|---|
| 42 | 42 | | (e) Bonds issued under this section, after approval by the |
|---|
| 43 | 43 | | attorney general, registration by the comptroller of public |
|---|
| 44 | 44 | | accounts, and delivery to the purchasers, are incontestable and are |
|---|
| 45 | 45 | | general obligations of the State of Texas under this constitution. |
|---|
| 46 | 46 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 47 | 47 | | submitted to the voters at an election to be held November 5, 2019. |
|---|
| 48 | 48 | | The ballot shall be printed to permit voting for or against the |
|---|
| 49 | 49 | | proposition: "The constitutional amendment providing for the |
|---|
| 50 | 50 | | issuance of general obligation bonds by the Texas Water Development |
|---|
| 51 | 51 | | Board to be paid out of the economic stabilization fund in an amount |
|---|
| 52 | 52 | | not to exceed $10 billion to provide financial assistance to |
|---|
| 53 | 53 | | political subdivisions for projects related to disaster recovery; |
|---|
| 54 | 54 | | disaster mitigation; disaster mitigation; or construct, repair, |
|---|
| 55 | 55 | | rehabilitate, or reconstruct state or local infrastructure." |
|---|