| 1 | 1 | | 89R16220 JAM-D |
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| 2 | 2 | | By: Parker S.J.R. No. 69 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A JOINT RESOLUTION |
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| 8 | 8 | | proposing a constitutional amendment authorizing the Veterans' |
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| 9 | 9 | | Land Board to issue general obligation bonds in an aggregate |
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| 10 | 10 | | principal amount that is greater than amounts previously |
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| 11 | 11 | | authorized. |
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| 12 | 12 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Section 49-b(w), Article III, Texas |
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| 14 | 14 | | Constitution, is amended to read as follows: |
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| 15 | 15 | | (w) The Veterans' Land Board may provide for, issue, and |
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| 16 | 16 | | sell general obligation bonds of the state for the purpose of |
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| 17 | 17 | | selling land to veterans of the state or providing home or land |
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| 18 | 18 | | mortgage loans to veterans of the state in a principal amount of |
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| 19 | 19 | | outstanding bonds that must at all times be equal to or less than $6 |
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| 20 | 20 | | billion [the aggregate principal amount of state general obligation |
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| 21 | 21 | | bonds previously authorized for those purposes by prior |
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| 22 | 22 | | constitutional amendments]. Bonds and other obligations issued or |
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| 23 | 23 | | executed under the authority of this subsection may not be included |
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| 24 | 24 | | in the computation required by Section 49-j of this article. The |
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| 25 | 25 | | bond proceeds shall be deposited in or used to benefit and augment |
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| 26 | 26 | | the Veterans' Land Fund, the Veterans' Housing Assistance Fund, or |
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| 27 | 27 | | the Veterans' Housing Assistance Fund II, as determined appropriate |
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| 28 | 28 | | by the Veterans' Land Board, and shall be administered and invested |
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| 29 | 29 | | as provided by law. Payments of principal and interest on the |
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| 30 | 30 | | bonds, including payments made under a bond enhancement agreement |
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| 31 | 31 | | with respect to principal of or interest on the bonds, shall be made |
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| 32 | 32 | | from the sources and in the manner provided by this section for |
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| 33 | 33 | | general obligation bonds issued for the benefit of the applicable |
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| 34 | 34 | | fund. |
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| 35 | 35 | | SECTION 2. This proposed constitutional amendment shall be |
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| 36 | 36 | | submitted to the voters at an election to be held November 4, 2025. |
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| 37 | 37 | | The ballot shall be printed to permit voting for or against the |
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| 38 | 38 | | proposition: "The constitutional amendment authorizing the |
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| 39 | 39 | | Veterans' Land Board to issue general obligation bonds in an |
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| 40 | 40 | | aggregate principal amount that is greater than amounts previously |
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| 41 | 41 | | authorized." |
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