Bill Text: TX SJR64 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Proposing a constitutional amendment authorizing the legislature to provide for the issuance of general obligation bonds to support the development of public telecommunications and information services infrastructure in this state.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-03-26 - Referred to Business & Commerce [SJR64 Detail]
Download: Texas-2021-SJR64-Introduced.html
| 87R11996 JXC-D | ||
| By: Gutierrez | S.J.R. No. 64 | |
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| proposing a constitutional amendment authorizing the legislature | ||
| to provide for the issuance of general obligation bonds to support | ||
| the development of public telecommunications and information | ||
| services infrastructure in this state. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Article III, Texas Constitution, is amended by | ||
| adding Section 68 to read as follows: | ||
| Sec. 68. GENERAL OBLIGATION BONDS FOR TELECOMMUNICATIONS | ||
| AND INFORMATION INFRASTRUCTURE. (a) The legislature by general | ||
| law may provide for a state agency to issue and sell general | ||
| obligation bonds of the State of Texas in an amount not to exceed $1 | ||
| billion and to enter into related credit agreements. The bonds must | ||
| be executed in the form, on the terms, and in the denominations, | ||
| bear interest, and be issued in installments as prescribed by | ||
| general law. | ||
| (b) Proceeds from the sale of the bonds shall be deposited | ||
| to the credit of a fund or account in the state treasury created by | ||
| the comptroller of public accounts for this purpose or as provided | ||
| by general law. Money in that fund or account may be appropriated | ||
| only for the purpose of construction, maintenance, improvement, or | ||
| repair of telecommunications or information services | ||
| infrastructure projects as authorized by general law to provide | ||
| telecommunications or information services for public use. | ||
| (c) While any of the bonds or interest on the bonds | ||
| authorized by this section is outstanding and unpaid, from the | ||
| first money coming into the state treasury in each fiscal year not | ||
| otherwise appropriated by this constitution, an amount sufficient | ||
| to pay the principal and interest on 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 is appropriated, | ||
| less the amount in the sinking fund at the close of the previous | ||
| fiscal year. | ||
| (d) 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 | ||
| legislature to provide for the issuance of general obligation bonds | ||
| to support the development of public telecommunications and | ||
| information services infrastructure in this state." | ||
