2017S0367-1 03/02/17     By: Perry S.J.R. No. 47       JOINT RESOLUTION   proposing a constitutional amendment authorizing the issuance of   general obligation bonds to pay for certain state infrastructure   projects.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Article III, Texas Constitution, is amended by   adding Section 50-i to read as follows:          Sec. 50-i.  (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 in a total   amount not to exceed $1 billion and to enter into related credit   agreements. The bonds may be executed only as prescribed by the   Texas Public Finance Authority as to the form of execution, terms,   denominations, interest rates, and issuance, in installments or   otherwise, in accordance with general law.          (b)  The state infrastructure projects fund is a fund created   in the state treasury outside of the general revenue fund to be   administered by the Texas Public Finance Authority.          (c)  The Texas Public Finance Authority shall deposit the   proceeds from the sale of the bonds to the credit of the state   infrastructure projects fund. Money credited to the state   infrastructure projects fund under this section may be used only in   accordance with legislative appropriations and only to pay for   projects to repair, renovate, rehabilitate, or construct state   infrastructure other than transportation infrastructure and higher   education facilities. In this subsection:                (1)  "Transportation infrastructure" means roads,   streets, ways, bridges, or culverts.                (2)  "Higher education facilities" means property,   buildings, structures, or other facilities used or intended to be   used by a public institution of higher education.          (d)  The maximum net effective interest rate to be borne by   bonds issued under this section may be established by general law.          (e)  While any of the bonds authorized by this section, or   any interest on those bonds, is outstanding and unpaid, from the   first money coming into the state treasury in each state fiscal year   not otherwise appropriated by this constitution, there is   appropriated an amount sufficient to pay the principal and interest   on those 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.          (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.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 7, 2017.   The ballot shall be printed to permit voting for or against the   proposition:  "The constitutional amendment to authorize the   issuance of up to $1 billion in bonds to pay for certain state   infrastructure projects and the repayment of those bonds from the   general revenues of the state."