Texas Constitution:Article III, Section 50-b-5: Difference between revisions

Texas Constitution:Article III, Section 50-b-5 (view source)

Revision as of 16:20, August 7, 2023

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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.'''
-'''(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.'''
+'''(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.'''