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Texas Constitution:Article III, Section 49-d-13: Difference between revisions
Texas Constitution:Article III, Section 49-d-13 (view source)
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'''(f) In each fiscal year in which amounts become due under the bonds or agreements authorized by this section, the Texas Water Development Board or that board's successor in function shall transfer from revenue deposited to the credit of the State Water Implementation Revenue Fund for Texas in that fiscal year an amount that is sufficient to pay: (1) the principal of and interest on the bonds that mature or become due during the fiscal year; and (2) any cost related to the bonds, including payments under related credit agreements that become due during that fiscal year.''' | '''(f) In each fiscal year in which amounts become due under the bonds or agreements authorized by this section, the Texas Water Development Board or that board's successor in function shall transfer from revenue deposited to the credit of the State Water Implementation Revenue Fund for Texas in that fiscal year an amount that is sufficient to pay: (1) the principal of and interest on the bonds that mature or become due during the fiscal year; and (2) any cost related to the bonds, including payments under related credit agreements that become due during that fiscal year.''' | ||
'''(g) Any obligations authorized by general law to be issued by the Texas Water Development Board or that board's successor in function pursuant to this section shall be special obligations payable solely from amounts in the State Water Implementation Revenue Fund for Texas. Obligations issued by the Texas Water Development Board or that board's successor in function pursuant to this section may not be a constitutional state debt payable from the general revenue of the | '''(g) Any obligations authorized by general law to be issued by the Texas Water Development Board or that board's successor in function pursuant to this section shall be special obligations payable solely from amounts in the State Water Implementation Revenue Fund for Texas. Obligations issued by the Texas Water Development Board or that board's successor in function pursuant to this section may not be a constitutional state debt payable from the general revenue of the State.''' | ||
'''(h) Any dedication or appropriation of revenue to the credit of the State Water Implementation Revenue Fund for Texas may not be modified so as to impair any outstanding bonds secured by a pledge of that revenue unless provisions have been made for a full discharge of those bonds.''' | '''(h) Any dedication or appropriation of revenue to the credit of the State Water Implementation Revenue Fund for Texas may not be modified so as to impair any outstanding bonds secured by a pledge of that revenue unless provisions have been made for a full discharge of those bonds.''' | ||
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Note that the veto power granted in Subsection (c) to the Legislative Budget Board is an exception to the separation-of-powers mandate of Article II, Section [[Texas Constitution:Article II, Section 1|1]]. | |||
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