Article III, Section 49-d-11 of the Texas Constitution ("Authorization for Bonds for Texas Water Development Fund II")
Added November 8, 2011:
(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 one or more accounts 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 $6 billion.
(b) Section 49-d-8 of this Article applies to the 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 previously authorized bonds does not apply to the bonds authorized by and issued under this section.
(c) A limitation on the percentage of State participation in any single project imposed by this Article does not apply to a project funded with the proceeds of bonds issued under the authority of this section or Section 49-d-8 of this Article.
Editor Comments
Subsection (a), an "evergreen" provision, makes the $6 billion in additional authority continuous.
In other words, the Board can continuously borrow up to $6 billion without further voter approval.
Recent Decisions
None.
Historic Decisions
None.
Library Resources
- Vernon's Annotated Constitution of the State of Texas (multi-volume and up-to-date resource available at all law and many municipal libraries)
- The Texas State Constitution: A Reference Guide (one-volume resource available at most law and some municipal libraries)
- The Constitution of the State of Texas: An Annotated and Comparative Analysis (two-volume resource available at most law and some municipal libraries)
Online Resources
- Constitution of the State of Texas (1876) (resource published online and maintained by the University of Texas School of Law)
- Amendments to the Texas Constitution Since 1876 (resource published online and regularly updated by the Legislative Council)
- Reports Analyzing Proposed Amendments (resource published online and regularly updated by the Legislative Reference Library)