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Texas Constitution:Article III, Section 49-d-14: Difference between revisions
Texas Constitution:Article III, Section 49-d-14 (view source)
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''text of Article III, Section 49-d-14 proposed by Acts 2019, 86th Leg., R.S., S.J.R. No. 79'' | ''text of Article III, Section 49-d-14 proposed by Acts 2019, 86th Leg., R.S., S.J.R. No. 79'' | ||
'''(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 the economically distressed areas program account 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 $200 million. The bonds shall be used to provide financial assistance for the development of water supply and sewer service projects in economically distressed areas of 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 the economically distressed areas program account 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 $200 million. The bonds shall be used to provide financial assistance for the development of water supply and sewer service projects in economically distressed areas of the State as defined by law.''' | ||
'''(b) The additional general obligation bonds authorized by this section may be issued as bonds, notes, or other obligations as permitted by law and shall be sold in forms and denominations, on terms, at times, in the manner, at places, and in installments, as determined by the Texas Water Development Board. The bonds shall bear a rate or rates of interest the Texas Water Development Board determines. The bonds shall be incontestable after execution by the Texas Water Development Board, approval by the Attorney General, and delivery to the purchaser or purchasers of the bonds.''' | '''(b) The additional general obligation bonds authorized by this section may be issued as bonds, notes, or other obligations as permitted by law and shall be sold in forms and denominations, on terms, at times, in the manner, at places, and in installments, as determined by the Texas Water Development Board. The bonds shall bear a rate or rates of interest the Texas Water Development Board determines. The bonds shall be incontestable after execution by the Texas Water Development Board, approval by the Attorney General, and delivery to the purchaser or purchasers of the bonds.''' | ||