Bill Text: TX SJR79 | 2019-2020 | 86th Legislature | Enrolled

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Bill Title: Proposing a constitutional amendment providing for the issuance of additional general obligation bonds by the Texas Water Development Board to provide financial assistance for the development of certain projects in economically distressed areas.

Spectrum: Bipartisan Bill

Status: (Enrolled - Dead) 2019-05-28 - Filed with the Secretary of State [SJR79 Detail]

Download: Texas-2019-SJR79-Enrolled.html

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S.J.R. No. 79

proposing a constitutional amendment providing for the issuance of
additional general obligation bonds by the Texas Water Development
Board to provide financial assistance for the development of
certain projects in economically distressed areas.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-d-14 to read as follows:
Sec. 49-d-14. (a) In addition to the bonds authorized by
the other provisions of this article, the Texas Water Development
Board may issue general obligation bonds, at its determination and
on a continuing basis, for the economically distressed areas
program account of the Texas Water Development Fund II in amounts
such that the aggregate principal amount of the bonds issued by the
board under this section that are outstanding at any time does not
exceed $200 million. The bonds shall be used to provide financial
assistance for the development of water supply and sewer service
projects in economically distressed areas of the state as defined
by law.
(b) The additional general obligation bonds authorized by
this section may be issued as bonds, notes, or other obligations as
permitted by law and shall be sold in forms and denominations, on
terms, at times, in the manner, at places, and in installments, as
determined by the Texas Water Development Board. The bonds shall
bear a rate or rates of interest the Texas Water Development Board
determines. The bonds shall be incontestable after execution by
the Texas Water Development Board, approval by the attorney
general, and delivery to the purchaser or purchasers of the bonds.
(c) Section 49-d-8(e) of this article applies to the
additional general obligation bonds authorized by this section.
The limitation in Section 49-d-8 of this article that the Texas
Water Development Board may not issue bonds in excess of the
aggregate principal amount of general obligation bonds previously
authorized for the economically distressed areas program does not
apply to the bonds authorized by and issued under this section.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2019.
The ballot shall be printed to provide for voting for or against the
proposition: "The constitutional amendment providing for the
issuance of additional general obligation bonds by the Texas Water
Development Board in an amount not to exceed $200 million to provide
financial assistance for the development of certain projects in
economically distressed areas."
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.J.R. No. 79 was adopted by the Senate
on May 8, 2019, by the following vote: Yeas 21, Nays 10; and that
the Senate concurred in House amendment on May 25, 2019, by the
following vote: Yeas 22, Nays 8.
______________________________
Secretary of the Senate
I hereby certify that S.J.R. No. 79 was adopted by the House,
with amendment, on May 21, 2019, by the following vote: Yeas 114,
Nays 27, two present not voting.
______________________________
Chief Clerk of the House
Received:
______________________________
Date
______________________________
Secretary of State