87R9153 SRA-D     By: Thompson of Harris 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 research fund 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 Brain Institute of Texas research fund is   established in the state treasury and consists of:                (1)  money deposited to the fund from the sale of bonds   as provided by this section;                (2)  appropriations made to the fund by the   legislature;                (3)  gifts and grants, including grants from the   federal government and other organizations, made to the fund or the   Brain Institute of Texas; and                (4)  all interest, dividends, and other income of the   fund.          (b)  Money from the Brain Institute of Texas research fund   may be used as provided by general law 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.          (c)  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 in an amount not to exceed $5 billion and to   enter into related credit agreements. The Texas Public Finance   Authority may not issue more than $500 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.          (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 coming into the state treasury in each 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 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 up to $5 billion in general obligation bonds and the   dedication of bond proceeds to the Brain Institute of Texas   research fund established to fund brain research in this state."