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Texas Constitution:Article III, Section 49-n (view source)
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{{DISPLAYTITLE:Article III, Section 49-n of the Texas Constitution (''<small>"Two Sections with Same | {{DISPLAYTITLE:Article III, Section 49-n of the Texas Constitution (''<small>"Two Sections with Same Number–Public Securities"</small>'')}}{{Texas Constitution|text=Added September 13, 2003: | ||
''text of Article III, Section 49-n proposed by Acts 2003, 78th Leg., R.S., H.J.R. No. 28'' | ''text of Article III, Section 49-n proposed by Acts 2003, 78th Leg., R.S., H.J.R. No. 28'' | ||
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''text of Article III, Section 49-n proposed by Acts 2003, 78th Leg., R.S., S.J.R. No. 55'' | ''text of Article III, Section 49-n proposed by Acts 2003, 78th Leg., R.S., S.J.R. No. 55'' | ||
'''(a) The Legislature by general law may authorize one or more state agencies to issue general obligation bonds or notes of the State of Texas in an aggregate amount not to exceed $250 million and enter into related credit agreements. The proceeds from the sale of the bonds and notes shall be deposited in the Texas Military Value Revolving Loan Account in the | '''(a) The Legislature by general law may authorize one or more state agencies to issue general obligation bonds or notes of the State of Texas in an aggregate amount not to exceed $250 million and enter into related credit agreements. The proceeds from the sale of the bonds and notes shall be deposited in the Texas Military Value Revolving Loan Account in the State Treasury or its successor account to be used by one or more state agencies designated by the Legislature by general law without further appropriation to provide loans for economic development projects that benefit defense-related communities, as defined by the Legislature by general law, including projects that enhance the military value of military installations located in the State.''' | ||
'''(b) The expenses incurred in connection with the issuance of the bonds and notes and the costs of administering the Texas Military Value Revolving Loan Account may be paid from money in the account. Money in the Texas Military Value Revolving Loan Account may be used to pay all or part of any payment owed under a credit agreement related to the bonds or notes.''' | '''(b) The expenses incurred in connection with the issuance of the bonds and notes and the costs of administering the Texas Military Value Revolving Loan Account may be paid from money in the account. Money in the Texas Military Value Revolving Loan Account may be used to pay all or part of any payment owed under a credit agreement related to the bonds or notes.''' | ||
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'''(d) An agency providing a loan from the Texas Military Value Revolving Loan Account to a defense-related community may require the defense-related community to pay any pro rata cost of issuing the general obligation bonds and notes.''' | '''(d) An agency providing a loan from the Texas Military Value Revolving Loan Account to a defense-related community may require the defense-related community to pay any pro rata cost of issuing the general obligation bonds and notes.''' | ||
'''(e) Bonds and notes authorized under this section are a general obligation of the | '''(e) Bonds and notes authorized under this section are a general obligation of the State. While any of the bonds or notes or interest on the bonds or notes 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 or notes that mature or become due during the fiscal year, including an amount sufficient to make payments under a related credit agreement, 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 notes or interest.''' | ||
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Neither has been amended or repealed since that date. | Neither has been amended or repealed since that date. | ||
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None. | None. | ||
|seo_title=Article III, Section | |seo_title=Article III, Section 49-n of the Texas Constitution ("Two Sections with Same Number—Public Securities") | ||
|seo_keywords=Article 3 Section | |seo_keywords=Article 3 Section 49-n, state securities, debt authorization | ||
|seo_description= | |seo_description=There are currently two Article III sections numbered 49-n. Both were approved by voters on September 13, 2003. | ||
|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 | ||