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 | |
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| 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." | ||
