Bill Text: TX SJR50 | 2011-2012 | 82nd Legislature | Enrolled
Bill Title: Proposing a constitutional amendment providing for the issuance of general obligation bonds of the state to finance educational loans to students.
Spectrum: 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 | ||
