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
 
 
 
A JOINT RESOLUTION
  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."
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