Texas Constitution:Article III, Section 50-b-6: Difference between revisions

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Texas Constitution:Article III, Section 50-b-6 (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.'''
-'''(e) Notwithstanding any other provision of this article, 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 any bonds issued under this section, under Sections [[Texas Constitution:Article III, Section 50-b-4|50-b-4]] and [[Texas Constitution:Article III, Section 50-b-5|50-b-5]] of this article, and under any other provision or former provision of this article authorizing similar bonds that mature or become due during the fiscal year, less any amount remaining in an interest and sinking fund established under this section, Section [[Texas Constitution:Article III, Section 50-b-4|50-b-4]] or [[Texas Constitution:Article III, Section 50-b-5|50-b-5]] of this article, or any other provision or former provision of this article authorizing similar bonds at the end of the preceding fiscal year that is pledged to the payment of the bonds or interest.'''
+'''(e) Notwithstanding any other provision of this article, 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 any bonds issued under this section, under Sections [[Texas Constitution:Article III, Section 50-b-4|50-b-4]] and [[Texas Constitution:Article III, Section 50-b-5|50-b-5]] of this article, and under any other provision or former provision of this article authorizing similar bonds that mature or become due during the fiscal year, less any amount remaining in an interest and sinking fund established under this section, Section [[Texas Constitution:Article III, Section 50-b-4|50-b-4]] or [[Texas Constitution:Article III, Section 50-b-5|50-b-5]] of this article, or any other provision or former provision of this article authorizing similar bonds 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.'''
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 |seo_title=Article III, Section 50-b-6 of the Texas Constitution ("Additional Student Loans")
-|seo_keywords=Article 3 Section 50-b-6, Texas Legislature, ...
+|seo_keywords=Article 3 Section 50-b-6, student loans, debt authorization
-|seo_description=The legislative power of Texas is vested in a Senate and House of Representatives.
+|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_alt=Article III: Legislative Department