By: Lucio, Hinojosa, Perry S.J.R. No. 79
(In the Senate - Filed March 20, 2019; March 27, 2019, read
first time and referred to Committee on Water & Rural Affairs;
April 23, 2019, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 7, Nays 0; April 23, 2019,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.J.R. No. 79 By: Creighton
SENATE 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. Article III, Texas Constitution, is amended by
adding Section 49-d-14 to read as follows:
Sec. 49-d-14. (a) In addition to the bonds authorized by
the other provisions of this article, the Texas Water Development
Board may issue general obligation bonds, at its determination and
on a continuing basis, for the economically distressed areas
program account of the Texas Water Development Fund II in amounts
such that the aggregate principal amount of the bonds issued by the
board under this section that are outstanding at any time does not
exceed $400 million. The bonds shall be used to provide financial
assistance for the development of water supply and sewer service
projects in economically distressed areas of the state as defined
by law.
(b) The additional general obligation bonds authorized by
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 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.
(c) Section 49-d-8(e) of this article applies to the
additional general obligation bonds authorized by this section.
The limitation in Section 49-d-8 of this article that the Texas
Water Development Board may not issue bonds in excess of the
aggregate principal amount of general obligation bonds previously
authorized for the economically distressed areas program does not
apply to the bonds authorized by and issued under this section.
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 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 $400 million to provide
financial assistance for the development of certain projects in
economically distressed areas."
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