| 1 | 1 | | 88R10534 KBB-D |
|---|
| 2 | 2 | | By: LaMantia S.J.R. No. 85 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A JOINT RESOLUTION |
|---|
| 6 | 6 | | proposing a constitutional amendment increasing the amount of |
|---|
| 7 | 7 | | additional general obligation bonds that may be issued by the Texas |
|---|
| 8 | 8 | | Water Development Board to provide financial assistance for the |
|---|
| 9 | 9 | | development of certain projects in economically distressed areas. |
|---|
| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Section 49-d-14, Article III, Texas |
|---|
| 12 | 12 | | Constitution, as proposed by S.J.R. 79, 86th Legislature, Regular |
|---|
| 13 | 13 | | Session, 2019, is redesignated as 49-d-15, Article III, Texas |
|---|
| 14 | 14 | | Constitution, and amended to read as follows: |
|---|
| 15 | 15 | | Sec. 49-d-15 [49-d-14]. (a) In addition to the bonds |
|---|
| 16 | 16 | | authorized by the other provisions of this article, the Texas Water |
|---|
| 17 | 17 | | Development Board may issue general obligation bonds, at its |
|---|
| 18 | 18 | | determination and on a continuing basis, for the economically |
|---|
| 19 | 19 | | distressed areas program account of the Texas Water Development |
|---|
| 20 | 20 | | Fund II in amounts such that the aggregate principal amount of the |
|---|
| 21 | 21 | | bonds issued by the board under this section that are outstanding at |
|---|
| 22 | 22 | | any time does not exceed $400 [$200] million. The bonds shall be |
|---|
| 23 | 23 | | used to provide financial assistance for the development of water |
|---|
| 24 | 24 | | supply and sewer service projects in economically distressed areas |
|---|
| 25 | 25 | | of the state as defined by law. |
|---|
| 26 | 26 | | (b) The additional general obligation bonds authorized by |
|---|
| 27 | 27 | | this section may be issued as bonds, notes, or other obligations as |
|---|
| 28 | 28 | | permitted by law and shall be sold in forms and denominations, on |
|---|
| 29 | 29 | | terms, at times, in the manner, at places, and in installments, as |
|---|
| 30 | 30 | | determined by the Texas Water Development Board. The bonds shall |
|---|
| 31 | 31 | | bear a rate or rates of interest the Texas Water Development Board |
|---|
| 32 | 32 | | determines. The bonds shall be incontestable after execution by |
|---|
| 33 | 33 | | the Texas Water Development Board, approval by the attorney |
|---|
| 34 | 34 | | general, and delivery to the purchaser or purchasers of the bonds. |
|---|
| 35 | 35 | | (c) Section 49-d-8(e) of this article applies to the |
|---|
| 36 | 36 | | additional general obligation bonds authorized by this section. |
|---|
| 37 | 37 | | The limitation in Section 49-d-8 of this article that the Texas |
|---|
| 38 | 38 | | Water Development Board may not issue bonds in excess of the |
|---|
| 39 | 39 | | aggregate principal amount of general obligation bonds previously |
|---|
| 40 | 40 | | authorized for the economically distressed areas program does not |
|---|
| 41 | 41 | | apply to the bonds authorized by and issued under this section. |
|---|
| 42 | 42 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 43 | 43 | | submitted to the voters at an election to be held November 7, 2023. |
|---|
| 44 | 44 | | The ballot shall be printed to permit voting for or against the |
|---|
| 45 | 45 | | proposition: "The constitutional amendment increasing the amount |
|---|
| 46 | 46 | | of additional general obligation bonds that may be issued by the |
|---|
| 47 | 47 | | Texas Water Development Board to provide financial assistance for |
|---|
| 48 | 48 | | the development of certain projects in economically distressed |
|---|
| 49 | 49 | | areas." |
|---|