87R9153 SRA-D
By: Thompson of Harris H.J.R. No. 5
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds and the dedication of bond proceeds to the
Brain Institute of Texas research fund established to fund brain
research in this state.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 68 to read as follows:
Sec. 68. (a) The Brain Institute of Texas research fund is
established in the state treasury and consists of:
(1) money deposited to the fund from the sale of bonds
as provided by this section;
(2) appropriations made to the fund by the
legislature;
(3) gifts and grants, including grants from the
federal government and other organizations, made to the fund or the
Brain Institute of Texas; and
(4) all interest, dividends, and other income of the
fund.
(b) Money from the Brain Institute of Texas research fund
may be used as provided by general law for the purpose of funding:
(1) grants to institutions of higher education in this
state for brain research;
(2) brain disease and disorder prevention health care;
(3) recruitment and development of brain researchers;
(4) activities identified in the Texas Brain Research
Plan;
(5) research facilities in this state that conduct
brain research;
(6) the purchase, subject to approval by the Brain
Institute of Texas, of research facilities by or for a grant
recipient; and
(7) the operation of the institute.
(c) The legislature by general law may authorize the Texas
Public Finance Authority to provide for, issue, and sell general
obligation bonds of the State of Texas on behalf of the Brain
Institute of Texas in an amount not to exceed $5 billion and to
enter into related credit agreements. The Texas Public Finance
Authority may not issue more than $500 million in bonds authorized
by this subsection in a year. The bonds shall be executed in the
form, on the terms, and in the denominations, bear interest, and be
issued in installments as prescribed by the Texas Public Finance
Authority.
(d) The bond proceeds may be used to pay the costs of issuing
the bonds and any administrative expense related to the bonds.
(e) While any of the bonds or interest on the bonds
authorized by this section is outstanding and unpaid, from the
first money coming into the state treasury in each fiscal year not
otherwise appropriated by this constitution, an amount sufficient
to pay the principal of and interest on bonds that mature or become
due during the fiscal year and to make payments that become due
under a related credit agreement during the fiscal year is
appropriated, less the amount in the sinking fund at the close of
the previous fiscal year.
(f) 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.
(g) The Texas Public Finance Authority shall consider using
a business whose principal place of business is located in the state
to issue the bonds authorized by this section and shall include
using a historically underutilized business as defined by general
law.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 2, 2021.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
issuance of up to $5 billion in general obligation bonds and the
dedication of bond proceeds to the Brain Institute of Texas
research fund established to fund brain research in this state."