Bill Text: TX SJR85 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Proposing a constitutional amendment increasing the amount of additional general obligation bonds that may be issued by the Texas Water Development Board to provide financial assistance for the development of certain projects in economically distressed areas.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-22 - Referred to Water, Agriculture, & Rural Affairs [SJR85 Detail]
Download: Texas-2023-SJR85-Introduced.html
| 88R10534 KBB-D | ||
| By: LaMantia | S.J.R. No. 85 | |
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| proposing a constitutional amendment increasing the amount of | ||
| additional general obligation bonds that may be issued by the Texas | ||
| Water Development Board to provide financial assistance for the | ||
| development of certain projects in economically distressed areas. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 49-d-14, Article III, Texas | ||
| Constitution, as proposed by S.J.R. 79, 86th Legislature, Regular | ||
| Session, 2019, is redesignated as 49-d-15, Article III, Texas | ||
| Constitution, and amended to read as follows: | ||
| Sec. 49-d-15 [ |
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| authorized by the other provisions of this article, the Texas Water | ||
| Development Board may issue general obligation bonds, at its | ||
| determination and on a continuing basis, for the economically | ||
| distressed areas program account of the Texas Water Development | ||
| Fund II in amounts such that the aggregate principal amount of the | ||
| bonds issued by the board under this section that are outstanding at | ||
| any time does not exceed $400 [ |
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| used to provide financial assistance for the development of water | ||
| supply and sewer service projects in economically distressed areas | ||
| of the state as defined by law. | ||
| (b) The additional general obligation bonds authorized by | ||
| this section may be issued as bonds, notes, or other obligations as | ||
| permitted by law and shall be sold in forms and denominations, on | ||
| terms, at times, in the manner, at places, and in installments, as | ||
| determined by the Texas Water Development Board. The bonds shall | ||
| bear a rate or rates of interest the Texas Water Development Board | ||
| determines. The bonds shall be incontestable after execution by | ||
| the Texas Water Development Board, approval by the attorney | ||
| general, and delivery to the purchaser or purchasers of the bonds. | ||
| (c) Section 49-d-8(e) of this article applies to the | ||
| additional general obligation bonds authorized by this section. | ||
| The limitation in Section 49-d-8 of this article that the Texas | ||
| Water Development Board may not issue bonds in excess of the | ||
| aggregate principal amount of general obligation bonds previously | ||
| authorized for the economically distressed areas program does not | ||
| apply to the bonds authorized by and issued under this section. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 7, 2023. | ||
| The ballot shall be printed to permit voting for or against the | ||
| proposition: "The constitutional amendment increasing the amount | ||
| of additional general obligation bonds that may be issued by the | ||
| Texas Water Development Board to provide financial assistance for | ||
| the development of certain projects in economically distressed | ||
| areas." | ||
