Bill Text: TX SJR47 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Proposing a constitutional amendment authorizing the issuance of general obligation bonds to pay for certain state infrastructure projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-09 - Referred to Finance [SJR47 Detail]
Download: Texas-2017-SJR47-Introduced.html
| 2017S0367-1 03/02/17 | ||
| By: Perry | S.J.R. No. 47 | |
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| proposing a constitutional amendment authorizing the issuance of | ||
| general obligation bonds to pay for certain state infrastructure | ||
| projects. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Article III, Texas Constitution, is amended by | ||
| adding Section 50-i to read as follows: | ||
| Sec. 50-i. (a) The legislature by general law may | ||
| authorize the Texas Public Finance Authority to provide for, issue, | ||
| and sell general obligation bonds of the State of Texas in a total | ||
| amount not to exceed $1 billion and to enter into related credit | ||
| agreements. The bonds may be executed only as prescribed by the | ||
| Texas Public Finance Authority as to the form of execution, terms, | ||
| denominations, interest rates, and issuance, in installments or | ||
| otherwise, in accordance with general law. | ||
| (b) The state infrastructure projects fund is a fund created | ||
| in the state treasury outside of the general revenue fund to be | ||
| administered by the Texas Public Finance Authority. | ||
| (c) The Texas Public Finance Authority shall deposit the | ||
| proceeds from the sale of the bonds to the credit of the state | ||
| infrastructure projects fund. Money credited to the state | ||
| infrastructure projects fund under this section may be used only in | ||
| accordance with legislative appropriations and only to pay for | ||
| projects to repair, renovate, rehabilitate, or construct state | ||
| infrastructure other than transportation infrastructure and higher | ||
| education facilities. In this subsection: | ||
| (1) "Transportation infrastructure" means roads, | ||
| streets, ways, bridges, or culverts. | ||
| (2) "Higher education facilities" means property, | ||
| buildings, structures, or other facilities used or intended to be | ||
| used by a public institution of higher education. | ||
| (d) The maximum net effective interest rate to be borne by | ||
| bonds issued under this section may be established by general law. | ||
| (e) While any of the bonds authorized by this section, or | ||
| any interest on those bonds, is outstanding and unpaid, from the | ||
| first money coming into the state treasury in each state fiscal year | ||
| not otherwise appropriated by this constitution, there is | ||
| appropriated an amount sufficient to pay the principal and interest | ||
| on those bonds that mature or become due during the fiscal year and | ||
| to make payments that become due under a related credit agreement | ||
| during the fiscal year. | ||
| (f) 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 7, 2017. | ||
| The ballot shall be printed to permit voting for or against the | ||
| proposition: "The constitutional amendment to authorize the | ||
| issuance of up to $1 billion in bonds to pay for certain state | ||
| infrastructure projects and the repayment of those bonds from the | ||
| general revenues of the state." | ||
