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Texas Constitution:Article III, Section 49-n (view source)
Revision as of 14:31, August 7, 2023
, August 7, 2023Text replacement - "state treasury" to "State Treasury"
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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.''' | ||