Texas Constitution:Article III, Section 49-d-7 and Texas Constitution:Article III, Section 49-d-11: Difference between pages

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{{DISPLAYTITLE:Article III, Section 49-d-7 of the Texas Constitution (''<small>"Use of Proceeds of Texas Water Development Bonds"</small>'')}}{{Texas Constitution|text=As amended November 2, 1999:
{{DISPLAYTITLE:Article III, Section 49-d-11 of the Texas Constitution (''<small>"Authorization for Bonds for Texas Water Development Fund II"</small>'')}}{{Texas Constitution|text=Added November 8, 2011:


'''(a) The Texas Water Development Board may use the proceeds of Texas water development bonds issued for the purposes provided by Section [[Texas Constitution:Article III, Section 49-c|49-c]] of this article for the additional purpose of providing financial assistance, on terms and conditions provided by law, to various political subdivisions and bodies politic and corporate of the state and to nonprofit water supply corporations to provide for acquisition, improvement, extension, or construction of water supply projects that involve the distribution of water to points of delivery to wholesale or retail customers.'''
'''(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) The Legislature may provide by law for subsidized loans and grants from the proceeds of Texas water development bonds to provide wholesale and retail water and wastewater facilities to economically distressed areas of the state as defined by law, provided, the principal amount of bonds that may be issued for the purposes under this subsection may not exceed $250 million. Separate accounts shall be established in the water development fund for administering the proceedings [sic] of bonds issued for purposes under this subsection, and an interest and sinking fund separate from and not subject to the limitations of the interest and sinking fund created for other Texas water development bonds is established in the State Treasury to be used for paying the principal of and interest on bonds for the purposes of the [sic] subsection. While any of the bonds authorized for the purposes of this subsection or any of the interest on those bonds is outstanding and unpaid, there is appropriated out of the first money coming into the State Treasury in each fiscal year, not otherwise appropriated by this constitution, an amount that is sufficient to pay the principal of and interest on those bonds issued for the purposes under this subsection that mature or become due during that fiscal year.'''
'''(b) Section [[Texas Constitution:Article III, Section 49-d-8|49-d-8]] of this article applies to the bonds authorized by this section. The limitation in Section [[Texas Constitution:Article III, Section 49-d-8|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 [[Texas Constitution:Article III, Section 49-d-8|49-d-8]] of this article.'''


|editor=
|editor=


Added in 1989, this section has been amended twice. The 1999 modification was part of a "constitutional cleanup amendment."
Subsection (a), the "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=
|recent=
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|seo_title=Article III, Section 49-d-7 of the Texas Constitution ("Use of Proceeds of Texas Water Development Bonds")
|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-7, Texas Legislature, ...
|seo_keywords=Article 3 Section 49-d-11, water bonds, debt authorization
|seo_description=The legislative power of Texas is vested in a Senate and House of Representatives.
|seo_description=Subsection (a), the evergreen provision, makes the $6 billion in additional bonding 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


}}
}}


[[Category:Water Law]]
[[Category:Water Law]]
[[Category:TxCon ArtIII Sec]]
[[Category:TxCon ArtIII Sec]]
[[Category:TxCon ArtIII Sec]]

Revision as of 19:17, August 8, 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), the "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