By: Miles S.J.R. No. 75
A JOINT RESOLUTION
proposing a constitutional amendment providing for the issuance of
general obligation bonds to be paid out of the economic
stabilization fund by the Texas Water Development Board to provide
financial assistance to political subdivisions for projects
related to disaster recovery; disaster mitigation; disaster
response; or construct, repair, rehabilitate, or reconstruct state
or local infrastructure.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article XIV, Texas Constitution, is amended by
adding Section 2 to read as follows:
Sec. 2. (a) The legislature by general law may authorize
the Texas Water Development Board to issue general obligation bonds
of the State of Texas in an aggregate amount not to exceed $10
billion and enter into related grant agreements to provide
financial assistance to political subdivisions for projects
related to disaster recovery; disaster mitigation; disaster
response; or construct, repair, rehabilitate, or reconstruct state
or local infrastructure. The legislature by general law may
prescribe procedures for the administration of this section.
(b) The bonds authorized under this section shall be
executed in the form, on the terms, and in the denominations, bear
interest, and be issued as prescribed by the Texas Water
Development Board.
(c) The bonds authorized under this section constitute a
general obligation of the state. While any of the bonds or interest
on the bonds is outstanding and unpaid, there is appropriated out of
the first money coming into the economic stabilization fund or
treasury each fiscal year, not otherwise appropriated by this
constitution, an amount sufficient to pay the principal of and
interest on the bonds that mature or become due during the fiscal
year, including an amount sufficient to make payments under a
related credit agreement.
(d) The proceeds from the issuance and sale of the bonds,
and the interest earned on the bonds, are appropriated when
received by the state and may be used as provided by this section
and law enacted under this section without further appropriation.
(e) Bonds issued under this section, after approval by the
attorney general, registration by the comptroller of public
accounts, and delivery to the purchasers, are incontestable and are
general obligations of the State of Texas under this constitution.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2019.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment providing for the
issuance of general obligation bonds by the Texas Water Development
Board to be paid out of the economic stabilization fund in an amount
not to exceed $10 billion to provide financial assistance to
political subdivisions for projects related to disaster recovery;
disaster mitigation; disaster mitigation; or construct, repair,
rehabilitate, or reconstruct state or local infrastructure."