Bill Text: TX SJR50 | 2011-2012 | 82nd Legislature | Enrolled

Texas Senate Joint Resolution 50 (Prior Session Legislation)

Bill Title: Proposing a constitutional amendment providing for the issuance of general obligation bonds of the state to finance educational loans to students.

Sponsorship: Slight Partisan Bill (Democrat 2-1)

Status: (Enrolled - Dead) 2011-05-27 - Filed with the Secretary of State [SJR50 Detail]

Download: Texas-2011-SJR50-Enrolled.html



	S.J.R. No. 50



	proposing a constitutional amendment providing for the issuance of
	general obligation bonds of the state to finance educational loans
	to students.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Article III, Texas Constitution, is amended by
	adding Section 50b-7 to read as follows:
	Sec. 50b-7. (a) The legislature by general law may
	authorize the Texas Higher Education Coordinating Board or its
	successor or successors to issue and sell general obligation bonds
	of the State of Texas for the purpose of financing educational loans
	to students in the manner provided by law. The principal amount of
	outstanding bonds issued under this section must at all times be
	equal to or less than the aggregate principal amount of state
	general obligation bonds previously authorized for that purpose by
	any other provision or former provision of this constitution.
	(b) The bonds shall be executed in the form, on the terms,
	and in the denominations, bear interest, and be issued in
	installments as prescribed by the Texas Higher Education
	Coordinating Board or its successor or successors.
	(c) The maximum net effective interest rate to be borne by
	bonds issued under this section may not exceed the maximum rate
	provided by law.
	(d) The legislature may provide for the investment of bond
	proceeds and may establish and provide for the investment of an
	interest and sinking fund to pay the bonds. Income from the
	investment shall be used for the purposes prescribed by the
	legislature.
	(e) While any of the bonds issued under this section 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, the
	amount sufficient to pay the principal of and interest on the bonds
	that mature or become due during the fiscal year, less any amount in
	an interest and sinking fund established under this section at the
	end of the preceding fiscal year that is pledged to the payment of
	the bonds or interest.
	(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.
	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 general obligation bonds of the State of Texas to
	finance educational loans to students."





	______________________________	______________________________
	President of the Senate	Speaker of the House

	I hereby certify that S.J.R. No. 50 was adopted by the Senate
	on April 28, 2011, by the following vote: Yeas 27, Nays 4.


	______________________________
	Secretary of the Senate

	I hereby certify that S.J.R. No. 50 was adopted by the House
	on May 24, 2011, by the following vote: Yeas 142, Nays 3, one
	present not voting.


	______________________________
	Chief Clerk of the House