Bill Text: TX HJR36 | 2017-2018 | 85th Legislature | Engrossed
Bill Title: Proposing a constitutional amendment providing for the issuance of additional general obligation bonds by the Texas Water Development Board to provide assistance to economically distressed areas.
Sponsorship: Bipartisan Bill
Status: (Engrossed - Dead) 2017-05-09 - Referred to Finance [HJR36 Detail]
Download: Texas-2017-HJR36-Engrossed.html
| 85R2572 JAM-D | ||
| By: González of El Paso, Sheffield, | H.J.R. No. 36 | |
| Thompson of Harris, Walle, Murr, et al. | ||
|
|
||
| proposing a constitutional amendment providing for the issuance of | ||
| additional general obligation bonds by the Texas Water Development | ||
| Board to provide assistance to economically distressed areas. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Article III, Texas Constitution, is amended by | ||
| adding Section 49-d-14 to read as follows: | ||
| Sec. 49-d-14. (a) The Texas Water Development Board may | ||
| issue additional general obligation bonds, at its determination, | ||
| for the economically distressed areas program account of the Texas | ||
| Water Development Fund II, in an amount not to exceed $200 million. | ||
| The bonds shall be used to provide financial assistance to | ||
| 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 authorized by this section 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. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 7, 2017. | ||
| The ballot shall be printed to provide for voting for or against the | ||
| proposition: "The constitutional amendment providing for the | ||
| issuance of additional general obligation bonds by the Texas Water | ||
| Development Board in an amount not to exceed $200 million to provide | ||
| assistance to economically distressed areas." | ||
