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Texas Constitution:Article III, Section 49-f: Difference between revisions
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Texas Constitution:Article III, Section 49-f (view source)
Revision as of 14:35, June 19, 2024
, June 19Text replacement - "this article" to "this Article"
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'''(b) Except as provided by Subsection (g) of this section, all money received from the sale of the bonds shall be deposited in a fund created with the Comptroller of Public Accounts to be known as the Farm and Ranch Finance Program Fund. This fund shall be administered by the Texas Agricultural Finance Authority in the manner prescribed by law.''' | '''(b) Except as provided by Subsection (g) of this section, all money received from the sale of the bonds shall be deposited in a fund created with the Comptroller of Public Accounts to be known as the Farm and Ranch Finance Program Fund. This fund shall be administered by the Texas Agricultural Finance Authority in the manner prescribed by law.''' | ||
'''(c) Section [[Texas Constitution:Article III, Section 65|65(b)]] of this | '''(c) Section [[Texas Constitution:Article III, Section 65|65(b)]] of this Article applies to the payment of interest on the bonds.''' | ||
'''(d) The principal amount of bonds outstanding at one time may not exceed $500 million.''' | '''(d) The principal amount of bonds outstanding at one time may not exceed $500 million.''' | ||
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'''(f) The bonds shall be approved by the Attorney General and registered with the Comptroller of Public Accounts. The bonds, when approved and registered, are general obligations of the state and are incontestable.''' | '''(f) The bonds shall be approved by the Attorney General and registered with the Comptroller of Public Accounts. The bonds, when approved and registered, are general obligations of the state and are incontestable.''' | ||
'''(g) Notwithstanding Subsection (a) of this section, the proceeds of $200 million of the bonds authorized by this section may be used for the purposes provided by Section [[Texas Constitution:Article III, Section 49-i|49-i]] of this | '''(g) Notwithstanding Subsection (a) of this section, the proceeds of $200 million of the bonds authorized by this section may be used for the purposes provided by Section [[Texas Constitution:Article III, Section 49-i|49-i]] of this Article and for other rural economic development programs, and the proceeds of bonds issued for those purposes under this subsection shall be deposited in the Texas Agricultural Fund, to be administered in the same manner that proceeds of bonds issued under Section [[Texas Constitution:Article III, Section 49-i|49-i]] of this Article are administered.''' | ||
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