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Texas Constitution:Article III, Section 49-p (view source)
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'''(b) A portion of the proceeds from the sale of the bonds and a portion of the interest earned on the bonds may be used to pay: (1) the costs of administering projects authorized under this section; (2) the cost or expense of the issuance of the bonds; and (3) all or part of a payment owed or to be owed under a credit agreement.''' | '''(b) A portion of the proceeds from the sale of the bonds and a portion of the interest earned on the bonds may be used to pay: (1) the costs of administering projects authorized under this section; (2) the cost or expense of the issuance of the bonds; and (3) all or part of a payment owed or to be owed under a credit agreement.''' | ||
'''(c) The bonds authorized under this section constitute a general obligation of the | '''(c) The bonds authorized under this section constitute a general obligation of the State. While any of the bonds or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the Treasury each fiscal year, not otherwise appropriated by this constitution, an amount sufficient to pay the principal of and interest on the bonds that mature or become due during the fiscal year, including an amount sufficient to make payments under a related credit agreement.''' | ||
'''(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.''' | '''(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.''' | ||