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Texas Constitution:Article III, Section 49-d-11: Difference between revisions
Texas Constitution:Article III, Section 49-d-11 (view source)
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{{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: | {{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) 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 | '''(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 [[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.''' | '''(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.''' | ||
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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= | |recent= | ||
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|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, | |seo_keywords=Article 3 Section 49-d-11, water bonds, debt authorization | ||
|seo_description= | |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 | ||
}} | }} | ||
[[Category:Water Law]] | [[Category:Water Law]] | ||
[[Category:TxCon ArtIII Sec]] | [[Category:TxCon ArtIII Sec]] | ||