88R10534 KBB-D
By: LaMantia S.J.R. No. 85
A JOINT RESOLUTION
proposing a constitutional amendment increasing the amount of
additional general obligation bonds that may be issued 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. Section 49-d-14, Article III, Texas
Constitution, as proposed by S.J.R. 79, 86th Legislature, Regular
Session, 2019, is redesignated as 49-d-15, Article III, Texas
Constitution, and amended to read as follows:
Sec. 49-d-15 [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 [$200] 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 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment increasing the amount
of additional general obligation bonds that may be issued by the
Texas Water Development Board to provide financial assistance for
the development of certain projects in economically distressed
areas."