| 4 | 6 | | |
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| 5 | 7 | | |
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| 6 | 8 | | A JOINT RESOLUTION |
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| 7 | 9 | | proposing a constitutional amendment authorizing the issuance of |
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| 8 | 10 | | general obligation bonds and the dedication of bond proceeds to the |
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| 9 | 11 | | Brain Institute of Texas established to fund brain research in this |
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| 10 | 12 | | state. |
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| 11 | 13 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 14 | | SECTION 1. Article III, Texas Constitution, is amended by |
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| 13 | 15 | | adding Section 68 to read as follows: |
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| 14 | 16 | | Sec. 68. (a) The legislature by general law may authorize |
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| 15 | 17 | | the Texas Public Finance Authority to provide for, issue, and sell |
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| 16 | 18 | | general obligation bonds of the State of Texas on behalf of the |
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| 17 | 19 | | Brain Institute of Texas established by general law in an amount not |
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| 18 | 20 | | to exceed $3 billion and to enter into related credit agreements. |
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| 19 | 21 | | The Texas Public Finance Authority may not issue more than $300 |
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| 20 | 22 | | million in bonds authorized by this subsection in a year. The bonds |
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| 21 | 23 | | shall be executed in the form, on the terms, and in the |
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| 22 | 24 | | denominations, bear interest, and be issued in installments as |
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| 23 | 25 | | prescribed by the Texas Public Finance Authority. |
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| 24 | 26 | | (b) Proceeds from the sale of the bonds shall be deposited |
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| 25 | 27 | | in separate funds or accounts, as provided by general law, within |
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| 26 | 28 | | the state treasury to be used by the Brain Institute of Texas for |
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| 27 | 29 | | the purposes of this section. |
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| 28 | 30 | | (c) The Brain Institute of Texas may use the proceeds from |
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| 29 | 31 | | bonds authorized under Subsection (a) of this section for the |
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| 30 | 32 | | purpose of funding: |
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| 31 | 33 | | (1) grants to institutions of higher education in this |
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| 32 | 34 | | state for brain research; |
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| 33 | 35 | | (2) brain disease and disorder prevention health care; |
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| 34 | 36 | | (3) recruitment and development of brain researchers; |
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| 35 | 37 | | (4) activities identified in the Texas Brain Research |
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| 36 | 38 | | Plan; |
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| 37 | 39 | | (5) research facilities in this state that conduct |
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| 38 | 40 | | brain research; |
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| 39 | 41 | | (6) the purchase, subject to approval by the Brain |
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| 40 | 42 | | Institute of Texas, of research facilities by or for a grant |
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| 41 | 43 | | recipient; and |
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| 42 | 44 | | (7) the operation of the institute. |
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| 43 | 45 | | (d) The bond proceeds may be used to pay the costs of issuing |
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| 44 | 46 | | the bonds and any administrative expense related to the bonds. |
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| 45 | 47 | | (e) While any of the bonds or interest on the bonds |
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| 46 | 48 | | authorized by this section is outstanding and unpaid, from the |
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| 47 | 49 | | first money deposited to the state treasury in each state fiscal |
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| 48 | 50 | | year not otherwise appropriated by this constitution, an amount |
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| 49 | 51 | | sufficient to pay the principal of and interest on bonds that mature |
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| 50 | 52 | | or become due during the fiscal year and to make payments that |
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| 51 | 53 | | become due under a related credit agreement during the fiscal year |
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| 52 | 54 | | is appropriated, less the amount in the sinking fund at the close of |
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| 53 | 55 | | the previous state fiscal year. |
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| 54 | 56 | | (f) Bonds issued under this section, after approval by the |
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| 55 | 57 | | attorney general, registration by the comptroller of public |
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| 56 | 58 | | accounts, and delivery to the purchasers, are incontestable and are |
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| 57 | 59 | | general obligations of the State of Texas under this constitution. |
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| 58 | 60 | | (g) The Texas Public Finance Authority shall consider using |
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| 59 | 61 | | a business whose principal place of business is located in the state |
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| 60 | 62 | | to issue the bonds authorized by this section and shall include |
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| 61 | 63 | | using a historically underutilized business as defined by general |
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| 62 | 64 | | law. |
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| 63 | 65 | | SECTION 2. This proposed constitutional amendment shall be |
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| 64 | 66 | | submitted to the voters at an election to be held November 2, 2021. |
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| 65 | 67 | | The ballot shall be printed to permit voting for or against the |
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| 66 | 68 | | proposition: "The constitutional amendment authorizing the |
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| 67 | 69 | | issuance of not more than $3 billion in general obligation bonds and |
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| 68 | 70 | | the dedication of bond proceeds to the Brain Institute of Texas |
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| 69 | 71 | | established to fund brain research in this state." |
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