| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment relating to the use of bonds |
|
|
and notes in the military value revolving loan account. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 49-n(a), Article III, Texas |
|
|
Constitution, as proposed by S.J.R. 55, 78th Legislature, Regular |
|
|
Session, 2003, is amended to read as follows: |
|
|
(a) The legislature by general law may authorize one or more |
|
|
state agencies to issue general obligation bonds or notes of the |
|
|
State of Texas in an aggregate amount not to exceed $250 million and |
|
|
enter into related credit agreements. The proceeds from the sale of |
|
|
the bonds and notes shall be deposited in the Texas military value |
|
|
revolving loan and grant account in the state treasury or its |
|
|
successor account to be used by one or more state agencies |
|
|
designated by the legislature by general law without further |
|
|
appropriation to provide loans and grants for economic development |
|
|
projects that benefit defense-related communities, as defined by |
|
|
the legislature by general law, including projects that enhance the |
|
|
military value of military installations located in the state. The |
|
|
legislature also may |
|
|
provide by general law or appropriation for |
|
|
repayment of any debt incurred by bonds or notes issued under the |
|
|
authority of this subsection after December 31, 2015. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 3, 2015. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment allowing the |
|
|
legislature to use bonds for grants to defense-related communities |
|
|
for any related purpose that adds military value to the military |
|
|
installations within Texas." |