Bill Text: TX HJR114 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Proposing a constitutional amendment providing for the issuance of general obligation bonds to be paid out of the economic stabilization fund by the Texas Water Development Board to provide financial assistance to political subdivisions for projects related to disaster recovery; disaster mitigation; disaster response; or construct, repair, rehabilitate, or reconstruct state or local infrastructure.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2019-04-30 - Left pending in committee [HJR114 Detail]
Download: Texas-2019-HJR114-Introduced.html
By: Coleman | H.J.R. No. 114 |
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proposing a constitutional amendment providing for the issuance of | ||
general obligation bonds to be paid out of the economic | ||
stabilization fund by the Texas Water Development Board to provide | ||
financial assistance to political subdivisions for projects | ||
related to disaster recovery; disaster mitigation; disaster | ||
response; or construct, repair, rehabilitate, or reconstruct state | ||
or local infrastructure. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Article XIV, Texas Constitution, is amended by | ||
adding Section 2 to read as follows: | ||
Sec. 2. (a) | ||
The legislature by general law may authorize | ||
the Texas Water Development Board to issue general obligation bonds | ||
of the State of Texas in an aggregate amount not to exceed $10 | ||
billion and enter into related grant agreements to provide | ||
financial assistance to political subdivisions for projects | ||
related to disaster recovery; disaster mitigation; disaster | ||
response; or construct, repair, rehabilitate, or reconstruct state | ||
or local infrastructure. The legislature by general law may | ||
prescribe procedures for the administration of this section. | ||
(b) The bonds authorized under this section shall be | ||
executed in the form, on the terms, and in the denominations, bear | ||
interest, and be issued as prescribed by the Texas Water | ||
Development Board. | ||
(c) The bonds authorized under this section constitute a | ||
general obligation of the state. While any of the bonds or interest | ||
on the bonds is outstanding and unpaid, there is appropriated out of | ||
the first money coming into the economic stabilization fund or | ||
treasury each fiscal year, not otherwise appropriated by this | ||
constitution, an amount sufficient to pay the principal of and | ||
interest on the bonds that mature or become due during the fiscal | ||
year, including an amount sufficient to make payments under a | ||
related credit agreement. | ||
(d) The proceeds from the issuance and sale of the bonds, | ||
and the interest earned on the bonds, are appropriated when | ||
received by the state and may be used as provided by this section | ||
and law enacted under this section without further appropriation. | ||
(e) 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. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 5, 2019. | ||
The ballot shall be printed to permit voting for or against the | ||
proposition: "The constitutional amendment providing for the | ||
issuance of general obligation bonds by the Texas Water Development | ||
Board to be paid out of the economic stabilization fund in an amount | ||
not to exceed $10 billion to provide financial assistance to | ||
political subdivisions for projects related to disaster recovery; | ||
disaster mitigation; disaster mitigation; or construct, repair, | ||
rehabilitate, or reconstruct state or local infrastructure." |