87R19188 SRA-D
By: Thompson of Harris, Bonnen, Goldman, H.J.R. No. 5
Coleman, Meyer, et al.
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 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 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 established by general law in an amount not
to exceed $3 billion and to enter into related credit agreements.
The Texas Public Finance Authority may not issue more than $300
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.
(b) Proceeds from the sale of the bonds shall be deposited
in separate funds or accounts, as provided by general law, within
the state treasury to be used by the Brain Institute of Texas for
the purposes of this section.
(c) The Brain Institute of Texas may use the proceeds from
bonds authorized under Subsection (a) of this section 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.
(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 deposited to the state treasury in each state 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 state 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 not more than $3 billion in general obligation bonds and
the dedication of bond proceeds to the Brain Institute of Texas
established to fund brain research in this state."