Sec. 49-d-4. BOND INSURANCE PROGRAM FOR WATER PROJECTS. (a) In addition
to other programs authorized by this constitution, the legislature by law may
provide for the creation, administration, and implementation of a bond insurance
program to which the state pledges its general credit in an amount not to exceed
$250 million to insure the payment in whole or in part of the principal of and
interest on bonds or other obligations that are issued by cities, counties, special
governmental districts and authorities, and other political subdivisions of the
state as defined by law for use for or in aid of water conservation, water
development, water quality enhancement, flood control, drainage, recharge,
chloride control, desalinization, or any combination of those purposes.
(b) The legislature by law shall designate the state agency to administer the
bond insurance program and may authorize that agency to execute insurance
contracts that bind the state to pay the principal of and interest on the bonds if
the bonds are in default or the bonds are subject to impending default, subject to
the limits provided by this section and by law.
(c) The payment by the state of any insurance commitment made under this
section must be made from the first money coming into the state treasury that is
not otherwise dedicated by this constitution.
(d) Notwithstanding the total amount of bonds insured under this section, the
total amount paid and not recovered by the state under this section, excluding
the costs of administration, may not exceed $250 million.
(e) Except on a two-thirds vote of the members elected to each house of the
legislature, the ratio of bonds insured to the total liability of the state must be
two to one.
(f) Except on a two-thirds vote of the members elected to each house of the
legislature, the state agency administering the bond insurance program may not
authorize bond insurance coverage under the program in any state fiscal year
that exceeds a total of $100 million.
(g) Unless authorized to continue by a two-thirds vote of the members elected to
each house, this section and the bond insurance program authorized by this
section expire on the sixth anniversary of the date on which this section becomes
a part of the constitution. However, bond insurance issued before the expiration
of this section and the program is not affected by the expiration of this section
and the program and remains in effect according to its terms, and the state is
required to fulfill all of the terms of that previously issued insurance.
(Added Nov. 5, 1985.)
Sec. 49-d-5. EXTENSION OF BENEFITS TO NONPROFIT WATER SUPPLY
CORPORATIONS. For the purpose of any program established or authorized by
this article and administered by the Texas Water Development Board, the
legislature by law may extend any benefits to nonprofit water supply corporations
that it may extend to a district created or organized under Article XVI, Section 59,
of this constitution.
(Added Nov. 5, 1985; amended Nov. 2, 1999.) (TEMPORARY TRANSITION
PROVISIONS for Sec. 49-d-5: See Appendix, Note 1.)
Sec. 49-d-6. ADDITIONAL TEXAS WATER DEVELOPMENT BONDS; USE OF BONDS;
REVIEW AND APPROVAL. The legislature may require review and approval of the
issuance of Texas Water Development Bonds, of the use of the bond proceeds,
or of the rules adopted by an agency to govern use of the bond proceeds.
Notwithstanding any other provision of this constitution, any entity created or
directed to conduct this review and approval may include members or appointees
of members of the executive, legislative, and judicial departments of state
government.
(Added Nov. 3, 1987; Subsecs. (a), (c), and (d) deleted and Subsec. (b)
amended Nov. 2, 1999.) (TEMPORARY TRANSITION PROVISIONS for Sec. 49-d-6:
See Appendix, Note 1.)
Sec. 49-d-7. ADDITIONAL TEXAS WATER DEVELOPMENT BONDS; USE OF BONDS
AND PROCEEDS; REVIEW AND APPROVAL. (a) The Texas Water Development
Board may use the proceeds of Texas water development bonds issued for the
purposes provided by Section 49-c of this article for the additional purpose of
providing financial assistance, on terms and conditions provided by law, to
various political subdivisions and bodies politic and corporate of the state and to
nonprofit water supply corporations to provide for acquisition, improvement,
extension, or construction of water supply projects that involve the distribution of
water to points of delivery to wholesale or retail customers.
(b) The legislature may provide by law for subsidized loans and grants from the
proceeds of Texas water development bonds to provide wholesale and retail
water and wastewater facilities to economically distressed areas of the state as
defined by law, provided, the principal amount of bonds that may be issued for
the purposes under this subsection may not exceed $250 million. Separate
accounts shall be established in the water development fund for administering
the proceeds of bonds issued for purposes under this subsection, and an interest
and sinking fund separate from and not subject to the limitations of the interest
and sinking fund created for other Texas water development bonds is established
in the State Treasury to be used for paying the principal of and interest on bonds
for the purposes of this subsection. While any of the bonds authorized for the
purposes of this subsection or any of the interest on those bonds is outstanding
and unpaid, there is appropriated out of the first money coming into the State
Treasury in each fiscal year, not otherwise appropriated by this constitution, an
amount that is sufficient to pay the principal of and interest on those bonds
issued for the purposes under this subsection that mature or become due during
that fiscal year.
(Added Nov. 7, 1989; Subsec. (e) amended Nov. 5, 1991; Subsec. (a) deleted,
Subsec. (b) redesignated Subsec. (a), Subsecs. (c) and (d) deleted, Subsec. (e)
amended and redesignated Subsec. (b), and Subsec. (f) deleted Nov. 2, 1999.)
(TEMPORARY TRANSITION PROVISIONS
to other programs authorized by this constitution, the legislature by law may
provide for the creation, administration, and implementation of a bond insurance
program to which the state pledges its general credit in an amount not to exceed
$250 million to insure the payment in whole or in part of the principal of and
interest on bonds or other obligations that are issued by cities, counties, special
governmental districts and authorities, and other political subdivisions of the
state as defined by law for use for or in aid of water conservation, water
development, water quality enhancement, flood control, drainage, recharge,
chloride control, desalinization, or any combination of those purposes.
(b) The legislature by law shall designate the state agency to administer the
bond insurance program and may authorize that agency to execute insurance
contracts that bind the state to pay the principal of and interest on the bonds if
the bonds are in default or the bonds are subject to impending default, subject to
the limits provided by this section and by law.
(c) The payment by the state of any insurance commitment made under this
section must be made from the first money coming into the state treasury that is
not otherwise dedicated by this constitution.
(d) Notwithstanding the total amount of bonds insured under this section, the
total amount paid and not recovered by the state under this section, excluding
the costs of administration, may not exceed $250 million.
(e) Except on a two-thirds vote of the members elected to each house of the
legislature, the ratio of bonds insured to the total liability of the state must be
two to one.
(f) Except on a two-thirds vote of the members elected to each house of the
legislature, the state agency administering the bond insurance program may not
authorize bond insurance coverage under the program in any state fiscal year
that exceeds a total of $100 million.
(g) Unless authorized to continue by a two-thirds vote of the members elected to
each house, this section and the bond insurance program authorized by this
section expire on the sixth anniversary of the date on which this section becomes
a part of the constitution. However, bond insurance issued before the expiration
of this section and the program is not affected by the expiration of this section
and the program and remains in effect according to its terms, and the state is
required to fulfill all of the terms of that previously issued insurance.
(Added Nov. 5, 1985.)
Sec. 49-d-5. EXTENSION OF BENEFITS TO NONPROFIT WATER SUPPLY
CORPORATIONS. For the purpose of any program established or authorized by
this article and administered by the Texas Water Development Board, the
legislature by law may extend any benefits to nonprofit water supply corporations
that it may extend to a district created or organized under Article XVI, Section 59,
of this constitution.
(Added Nov. 5, 1985; amended Nov. 2, 1999.) (TEMPORARY TRANSITION
PROVISIONS for Sec. 49-d-5: See Appendix, Note 1.)
Sec. 49-d-6. ADDITIONAL TEXAS WATER DEVELOPMENT BONDS; USE OF BONDS;
REVIEW AND APPROVAL. The legislature may require review and approval of the
issuance of Texas Water Development Bonds, of the use of the bond proceeds,
or of the rules adopted by an agency to govern use of the bond proceeds.
Notwithstanding any other provision of this constitution, any entity created or
directed to conduct this review and approval may include members or appointees
of members of the executive, legislative, and judicial departments of state
government.
(Added Nov. 3, 1987; Subsecs. (a), (c), and (d) deleted and Subsec. (b)
amended Nov. 2, 1999.) (TEMPORARY TRANSITION PROVISIONS for Sec. 49-d-6:
See Appendix, Note 1.)
Sec. 49-d-7. ADDITIONAL TEXAS WATER DEVELOPMENT BONDS; USE OF BONDS
AND PROCEEDS; REVIEW AND APPROVAL. (a) The Texas Water Development
Board may use the proceeds of Texas water development bonds issued for the
purposes provided by Section 49-c of this article for the additional purpose of
providing financial assistance, on terms and conditions provided by law, to
various political subdivisions and bodies politic and corporate of the state and to
nonprofit water supply corporations to provide for acquisition, improvement,
extension, or construction of water supply projects that involve the distribution of
water to points of delivery to wholesale or retail customers.
(b) The legislature may provide by law for subsidized loans and grants from the
proceeds of Texas water development bonds to provide wholesale and retail
water and wastewater facilities to economically distressed areas of the state as
defined by law, provided, the principal amount of bonds that may be issued for
the purposes under this subsection may not exceed $250 million. Separate
accounts shall be established in the water development fund for administering
the proceeds of bonds issued for purposes under this subsection, and an interest
and sinking fund separate from and not subject to the limitations of the interest
and sinking fund created for other Texas water development bonds is established
in the State Treasury to be used for paying the principal of and interest on bonds
for the purposes of this subsection. While any of the bonds authorized for the
purposes of this subsection or any of the interest on those bonds is outstanding
and unpaid, there is appropriated out of the first money coming into the State
Treasury in each fiscal year, not otherwise appropriated by this constitution, an
amount that is sufficient to pay the principal of and interest on those bonds
issued for the purposes under this subsection that mature or become due during
that fiscal year.
(Added Nov. 7, 1989; Subsec. (e) amended Nov. 5, 1991; Subsec. (a) deleted,
Subsec. (b) redesignated Subsec. (a), Subsecs. (c) and (d) deleted, Subsec. (e)
amended and redesignated Subsec. (b), and Subsec. (f) deleted Nov. 2, 1999.)
(TEMPORARY TRANSITION PROVISIONS
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