Bill Text: TX SJR3 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Proposing a constitutional amendment providing for the issuance of additional general obligation bonds by the Texas Water Development Board.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-03-16 - Referred to Finance [SJR3 Detail]
Download: Texas-2011-SJR3-Introduced.html
82R1829 TRH-F | ||
By: Fraser | S.J.R. No. 3 |
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proposing a constitutional amendment providing for the issuance of | ||
additional general obligation bonds by the Texas Water Development | ||
Board. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Article III, Texas Constitution, is amended by | ||
adding Section 49-d-11 to read as follows: | ||
Sec. 49-d-11. (a) In addition to the bonds 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 one or more accounts 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 $6 billion. | ||
(b) Section 49-d-8 of this article applies to the 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 previously | ||
authorized bonds does not apply to the bonds authorized by and | ||
issued under this section. | ||
(c) A limitation on the percentage of state participation in | ||
any single project imposed by this article does not apply to a | ||
project funded with the proceeds of bonds issued under the | ||
authority of this section or Section 49-d-8 of this article. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 8, 2011. | ||
The ballot shall be printed to permit 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 $6 billion at any time | ||
outstanding." |