Texas Constitution:Article III, Section 49-d-12: Difference between revisions

{{DISPLAYTITLE:Article III, Section 49-d-12 of the Texas Constitution (''<small>"State Water Implementation Fund for Texas"</small>'')}}{{Texas Constitution|text=Added November 5, 2013:

'''(b) The Legislature by general law may authorize the Texas Water Development Board or that board's successor in function to enter into bond enhancement agreements to provide additional security for general obligation bonds or revenue bonds of the Texas Water Development Board or that board's successor in function, the proceeds of which are used to finance state water plan projects. Bond enhancement agreements must be payable solely from the State Water Implementation Fund for Texas; provided, however, the bond enhancement agreements may not exceed an amount that can be fully supported by the State Water Implementation Fund for Texas. Any amount paid under a bond enhancement agreement may be repaid as provided by general law; provided, however, any repayment may not cause general obligation bonds that are issued under Sections [[Texas Constitution:Article III, Section 49-d-9|49-d-9]] and [[Texas Constitution:Article III, Section 49-d-11|49-d-11]] of this article and that are payable from the fund or account receiving the bond enhancement payment to be no longer self-supporting for purposes of Section [[Texas Constitution:Article III, Section 49-j|49-j(b)]] of this article. Payments under a bond enhancement agreement entered into pursuant to this section may not be a constitutional state debt payable from general revenues of the state.'''