Bill Text: TX SJR44 | 2021-2022 | 87th Legislature | Introduced


Bill Title: Proposing a constitutional amendment authorizing the issuance of general obligation bonds to provide financial assistance to political subdivisions located in areas of the state affected by a disaster, including an epidemic or pandemic.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2021-03-18 - Referred to Finance [SJR44 Detail]

Download: Texas-2021-SJR44-Introduced.html
  87R562 CJC-D
 
  By: Powell, et al. S.J.R. No. 44
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the issuance of
  general obligation bonds to provide financial assistance to
  political subdivisions located in areas of the state affected by a
  disaster, including an epidemic or pandemic.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 49-q to read as follows:
         Sec. 49-q.  (a) The legislature by general law may authorize
  the disaster reinvestment and infrastructure planning board or its
  successor to issue general obligation bonds of the State of Texas in
  an amount not to exceed $500 million and to enter into related
  credit agreements. The proceeds from the sale of the bonds shall be
  deposited to the credit of the disaster reinvestment and
  infrastructure planning revolving fund or its successor fund and
  shall be used only to respond to a disaster, including an epidemic
  or pandemic, in the manner provided by the legislature by general
  law. The expenses of issuance of the bonds shall be paid from money
  in the fund.
         (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 disaster reinvestment
  and infrastructure planning board or its successor.
         (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 treasury in 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 2, 2021.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  issuance of general obligation bonds to provide financial
  assistance to political subdivisions located in areas of the state
  affected by a disaster, including an epidemic or pandemic."
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