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Texas Constitution:Article III, Section 49-i (view source)
Revision as of 16:22, August 7, 2023
, August 7, 2023Text replacement - "the treasury" to "the Treasury"
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'''(c) The Legislature may establish an interest and sinking account and other accounts within the Texas Agricultural Fund and within the Rural Microenterprise Development Fund. The Legislature may provide for the investment of bond proceeds and of the interest and sinking accounts. Income from the investment of money in the funds that is not immediately committed to the payment of the principal of and interest on the bonds or the provision of financial assistance shall be used to create new employment and business opportunities in the state through the diversification and expansion of agricultural or rural small businesses, as provided by the Legislature.''' | '''(c) The Legislature may establish an interest and sinking account and other accounts within the Texas Agricultural Fund and within the Rural Microenterprise Development Fund. The Legislature may provide for the investment of bond proceeds and of the interest and sinking accounts. Income from the investment of money in the funds that is not immediately committed to the payment of the principal of and interest on the bonds or the provision of financial assistance shall be used to create new employment and business opportunities in the state through the diversification and expansion of agricultural or rural small businesses, as provided by the Legislature.''' | ||
'''(d) Bonds authorized under this section constitute a general obligation of the state. While any of the bonds or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the | '''(d) Bonds authorized under this section constitute a general obligation of the state. While any of the bonds or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the Treasury in each fiscal year, not otherwise appropriated by this constitution, the amount sufficient to pay the principal of and interest on the bonds that mature or become due during the fiscal year, less any amounts in the interest and sinking accounts at the close of the preceding fiscal year that are pledged to payment of the bonds or interest.''' | ||
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