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Texas Constitution:Article III, Section 50-c (view source)
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{{DISPLAYTITLE:Article III, Section | {{DISPLAYTITLE:Article III, Section 50-c of the Texas Constitution (''<small>"Farm and Ranch Loan Security Fund"</small>'')}}{{Texas Constitution|text=As amended November 7, 1995: | ||
'''(a) The Legislature may provide that the Commissioner of Agriculture shall have the authority to provide for, issue, and sell general obligation bonds of the State of Texas in an amount not to exceed $10 million. The bonds shall be called "Farm and Ranch Loan Security Bonds" and shall be executed in such form, denominations, and on such terms as may be prescribed by law. The bonds shall bear interest rates fixed by the Legislature of the State of Texas.''' | '''(a) The Legislature may provide that the Commissioner of Agriculture shall have the authority to provide for, issue, and sell general obligation bonds of the State of Texas in an amount not to exceed $10 million. The bonds shall be called "Farm and Ranch Loan Security Bonds" and shall be executed in such form, denominations, and on such terms as may be prescribed by law. The bonds shall bear interest rates fixed by the Legislature of the State of Texas.''' | ||
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'''(d) The Legislature may provide for the investment of money available in the Farm and Ranch Loan Security Fund and the interest and sinking fund established for the payment of bonds issued by the Commissioner of Agriculture. Income from the investment shall be used for purposes prescribed by the Legislature.''' | '''(d) The Legislature may provide for the investment of money available in the Farm and Ranch Loan Security Fund and the interest and sinking fund established for the payment of bonds issued by the Commissioner of Agriculture. Income from the investment shall be used for purposes prescribed by the Legislature.''' | ||
'''(e) While any of the bonds authorized by this section or any interest on those bonds is outstanding and unpaid, there is hereby appropriated out of the first money coming into the | '''(e) While any of the bonds authorized by this section or any interest on those bonds is outstanding and unpaid, there is hereby appropriated out of the first money coming into the Treasury in each fiscal year not otherwise appropriated by this constitution an amount that is sufficient to pay the principal and interest on the bonds that mature or become due during the fiscal year less the amount in the interest and sinking fund at the close of the prior fiscal year.''' | ||
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|seo_title=Article III, Section 50-c of the Texas Constitution ("Farm and Ranch Loan Security Fund") | |||
|seo_keywords=Article 3 Section 50-c, agriculture bonds, debt authorization | |||
|seo_description=The Legislature may provide that the Commissioner of Agriculture has authority to issue certain bonds. | |||
|seo_image=Texas_Constitution_of_1876_Article_3.jpg | |||
|seo_image_alt=Article III: Legislative Department | |||
}} | }} | ||
[[Category:Agriculture Law]] | |||
[[Category:TxCon ArtIII Sec]] | [[Category:TxCon ArtIII Sec]] | ||