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