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Texas Constitution:Article III, Section 49-d-4: Difference between revisions
Texas Constitution:Article III, Section 49-d-4 (view source)
Revision as of 14:31, August 7, 2023
, August 7, 2023Text replacement - "state treasury" to "State Treasury"
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'''(b) The Legislature by law shall designate the state agency to administer the bond insurance program and may authorize that agency to execute insurance contracts that bind the state to pay the principal of and interest on the bonds if the bonds are in default or the bonds are subject to impending default, subject to the limits provided by this section and by law.''' | '''(b) The Legislature by law shall designate the state agency to administer the bond insurance program and may authorize that agency to execute insurance contracts that bind the state to pay the principal of and interest on the bonds if the bonds are in default or the bonds are subject to impending default, subject to the limits provided by this section and by law.''' | ||
'''(c) The payment by the state of any insurance commitment made under this section must be made from the first money coming into the | '''(c) The payment by the state of any insurance commitment made under this section must be made from the first money coming into the State Treasury that is not otherwise dedicated by this constitution.''' | ||
'''(d) Notwithstanding the total amount of bonds insured under this section, the total amount paid and not recovered by the state under this section, excluding the costs of administration, may not exceed $250 million.''' | '''(d) Notwithstanding the total amount of bonds insured under this section, the total amount paid and not recovered by the state under this section, excluding the costs of administration, may not exceed $250 million.''' | ||