87R19188 SRA-D     By: Thompson of Harris, Bonnen, Coleman, H.J.R. No. 5       Meyer, et al.     Substitute the following for H.J.R. No. 5:     By:  Parker C.S.H.J.R. No. 5       A JOINT RESOLUTION   proposing a constitutional amendment authorizing the issuance of   general obligation bonds and the dedication of bond proceeds to the   Brain Institute of Texas established to fund brain research in this   state.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Article III, Texas Constitution, is amended by   adding Section 68 to read as follows:          Sec. 68.  (a) The legislature by general law may authorize   the Texas Public Finance Authority to provide for, issue, and sell   general obligation bonds of the State of Texas on behalf of the   Brain Institute of Texas established by general law in an amount not   to exceed $3 billion and to enter into related credit agreements.   The Texas Public Finance Authority may not issue more than $300   million in bonds authorized by this subsection in a year. The bonds   shall be executed in the form, on the terms, and in the   denominations, bear interest, and be issued in installments as   prescribed by the Texas Public Finance Authority.          (b)  Proceeds from the sale of the bonds shall be deposited   in separate funds or accounts, as provided by general law, within   the state treasury to be used by the Brain Institute of Texas for   the purposes of this section.          (c)  The Brain Institute of Texas may use the proceeds from   bonds authorized under Subsection (a) of this section for the   purpose of funding:                (1)  grants to institutions of higher education in this   state for brain research;                (2)  brain disease and disorder prevention health care;                (3)  recruitment and development of brain researchers;                (4)  activities identified in the Texas Brain Research   Plan;                (5)  research facilities in this state that conduct   brain research;                (6)  the purchase, subject to approval by the Brain   Institute of Texas, of research facilities by or for a grant   recipient; and                (7)  the operation of the institute.          (d)  The bond proceeds may be used to pay the costs of issuing   the bonds and any administrative expense related to the bonds.          (e)  While any of the bonds or interest on the bonds   authorized by this section is outstanding and unpaid, from the   first money deposited to the state treasury in each state fiscal   year not otherwise appropriated by this constitution, an amount   sufficient to pay the principal of and interest on bonds that mature   or become due during the fiscal year and to make payments that   become due under a related credit agreement during the fiscal year   is appropriated, less the amount in the sinking fund at the close of   the previous state fiscal year.          (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 and are   general obligations of the State of Texas under this constitution.          (g)  The Texas Public Finance Authority shall consider using   a business whose principal place of business is located in the state   to issue the bonds authorized by this section and shall include   using a historically underutilized business as defined by general   law.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 2, 2021.   The ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment authorizing the   issuance of not more than $3 billion in general obligation bonds and   the dedication of bond proceeds to the Brain Institute of Texas   established to fund brain research in this state."