Texas Constitution:Article III, Section 49-d-11: Difference between revisions

From TLG
Jump to navigation Jump to search
mNo edit summary
mNo edit summary
 
(One intermediate revision by the same user not shown)
Line 9: Line 9:
|editor=
|editor=


Subsection (a), the "evergreen" provision, makes the $6 billion in additional authority continuous.
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.
In other words, the Board can continuously borrow up to $6 billion without further voter approval.
Line 23: Line 23:
|seo_title=Article III, Section 49-d-11 of the Texas Constitution ("Authorization for Bonds for Texas Water Development Fund II")
|seo_title=Article III, Section 49-d-11 of the Texas Constitution ("Authorization for Bonds for Texas Water Development Fund II")
|seo_keywords=Article 3 Section 49-d-11, water bonds, debt authorization
|seo_keywords=Article 3 Section 49-d-11, water bonds, debt authorization
|seo_description=Subsection (a), the evergreen provision, makes the $6 billion in additional bonding authority continuous.
|seo_description=Subsection (a), the "evergreen" provision, makes the $6 billion in additional authority continuous.
|seo_image=Texas_Constitution_of_1876_Article_3.jpg
|seo_image=Texas_Constitution_of_1876_Article_3.jpg
|seo_image_alt=Article III: Legislative Department
|seo_image_alt=Article III: Legislative Department

Latest revision as of 19:04, September 17, 2023

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.

Attorney Steve Smith

Recent Decisions

None.

Historic Decisions

None.

Library Resources

Online Resources