| 1 | 1 | | By: Miles S.J.R. No. 75 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment providing for the issuance of |
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| 6 | 6 | | general obligation bonds to be paid out of the economic |
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| 7 | 7 | | stabilization fund by the Texas Water Development Board to provide |
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| 8 | 8 | | financial assistance to political subdivisions for projects |
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| 9 | 9 | | related to disaster recovery; disaster mitigation; disaster |
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| 10 | 10 | | response; or construct, repair, rehabilitate, or reconstruct state |
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| 11 | 11 | | or local infrastructure. |
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| 12 | 12 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Article XIV, Texas Constitution, is amended by |
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| 14 | 14 | | adding Section 2 to read as follows: |
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| 15 | 15 | | Sec. 2. (a) The legislature by general law may authorize |
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| 16 | 16 | | the Texas Water Development Board to issue general obligation bonds |
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| 17 | 17 | | of the State of Texas in an aggregate amount not to exceed $10 |
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| 18 | 18 | | billion and enter into related grant agreements to provide |
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| 19 | 19 | | financial assistance to political subdivisions for projects |
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| 20 | 20 | | related to disaster recovery; disaster mitigation; disaster |
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| 21 | 21 | | response; or construct, repair, rehabilitate, or reconstruct state |
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| 22 | 22 | | or local infrastructure. The legislature by general law may |
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| 23 | 23 | | prescribe procedures for the administration of this section. |
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| 24 | 24 | | (b) The bonds authorized under this section shall be |
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| 25 | 25 | | executed in the form, on the terms, and in the denominations, bear |
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| 26 | 26 | | interest, and be issued as prescribed by the Texas Water |
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| 27 | 27 | | Development Board. |
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| 28 | 28 | | (c) The bonds authorized under this section constitute a |
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| 29 | 29 | | general obligation of the state. While any of the bonds or interest |
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| 30 | 30 | | on the bonds is outstanding and unpaid, there is appropriated out of |
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| 31 | 31 | | the first money coming into the economic stabilization fund or |
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| 32 | 32 | | treasury each fiscal year, not otherwise appropriated by this |
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| 33 | 33 | | constitution, an amount sufficient to pay the principal of and |
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| 34 | 34 | | interest on the bonds that mature or become due during the fiscal |
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| 35 | 35 | | year, including an amount sufficient to make payments under a |
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| 36 | 36 | | related credit agreement. |
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| 37 | 37 | | (d) The proceeds from the issuance and sale of the bonds, |
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| 38 | 38 | | and the interest earned on the bonds, are appropriated when |
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| 39 | 39 | | received by the state and may be used as provided by this section |
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| 40 | 40 | | and law enacted under this section without further appropriation. |
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| 41 | 41 | | (e) Bonds issued under this section, after approval by the |
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| 42 | 42 | | attorney general, registration by the comptroller of public |
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| 43 | 43 | | accounts, and delivery to the purchasers, are incontestable and are |
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| 44 | 44 | | general obligations of the State of Texas under this constitution. |
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| 45 | 45 | | SECTION 2. This proposed constitutional amendment shall be |
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| 46 | 46 | | submitted to the voters at an election to be held November 5, 2019. |
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| 47 | 47 | | The ballot shall be printed to permit voting for or against the |
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| 48 | 48 | | proposition: "The constitutional amendment providing for the |
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| 49 | 49 | | issuance of general obligation bonds by the Texas Water Development |
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| 50 | 50 | | Board to be paid out of the economic stabilization fund in an amount |
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| 51 | 51 | | not to exceed $10 billion to provide financial assistance to |
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| 52 | 52 | | political subdivisions for projects related to disaster recovery; |
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| 53 | 53 | | disaster mitigation; disaster mitigation; or construct, repair, |
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| 54 | 54 | | rehabilitate, or reconstruct state or local infrastructure." |
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