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Texas Constitution:Article III, Section 50-b-4: Difference between revisions
Texas Constitution:Article III, Section 50-b-4 (view source)
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'''(d) The Legislature may provide for the investment of bond proceeds and may establish and provide for the investment of an interest and sinking fund to pay the bonds. Income from the investment shall be used for the purposes prescribed by the Legislature.''' | '''(d) The Legislature may provide for the investment of bond proceeds and may establish and provide for the investment of an interest and sinking fund to pay the bonds. Income from the investment shall be used for the purposes prescribed by the Legislature.''' | ||
'''(e) While any of the bonds issued under this section or interest on the bonds is outstanding and unpaid, there is appropriated out of the first money coming into the | '''(e) While any of the bonds issued under this section 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 amount in an interest and sinking fund established under this section at the end of the preceding fiscal year that is pledged to the payment of the bonds or interest.''' | ||
'''(f) Bonds issued under this section, after approval by the Attorney General, registration by the Comptroller of Public Accounts, and delivery to the purchasers, are incontestable.''' | '''(f) Bonds issued under this section, after approval by the Attorney General, registration by the Comptroller of Public Accounts, and delivery to the purchasers, are incontestable.''' | ||
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|seo_title=Article III, Section 50-b-4 of the Texas Constitution ("Additional Student Loans") | |seo_title=Article III, Section 50-b-4 of the Texas Constitution ("Additional Student Loans") | ||
|seo_keywords=Article 3 Section 50-b-4, | |seo_keywords=Article 3 Section 50-b-4, student loans, debt authorization | ||
|seo_description=The | |seo_description=The Legislature may authorize the Texas Higher Education Coordinating Board to sell bonds for student loans. | ||
|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 | ||