Texas § GV.1401.041 - GENERAL OBLIGATION BONDS

§ GV.1401.041. GENERAL OBLIGATION BONDS

GENERAL OBLIGATION BONDS. (a) As provided by Section 49-h( a), Article III, Texas Constitution, as that section existed September 1, 1999, the authority may: (1) issue general obligation bonds in an amount not to exceed $500 million; and (2) distribute the bond proceeds as provided by that section. (b) As provided by Section 49-h (c), Article III, Texas Constitution, as that section existed September 1, 1999, the authority may: (1) issue general obligation bonds in an amount not to exceed $400 million; and (2) distribute the bond proceeds to any appropriate agency to: (A) acquire, construct, or equip a new facility; or (B) make a major repair of or renovate a facility, corrections institution, youth corrections institution, mental health institution, or intellectual disability institution. (c) As provided by Section 49-h (d), Article III, Texas Constitution, as that section existed September 1, 1999, the authority may: (1) issue general obligation bonds in an amount not to exceed $1.055 billion and distribute the bond proceeds to any appropriate agency to: (A) acquire, construct, or equip a: (i) new prison or substance abuse felony punishment facility to confine criminals; or (ii) youth corrections institution; (B) make a major repair of or renovate a prison facility or youth corrections institution; or (C) acquire, make a major repair of, or renovate a facility for use as a state prison, a substance abuse felony punishment facility, or a facility in which a pilot program established as provided by Section 614.011, Health and Safety Code, is conducted; (2) issue general obligation bonds in an amount not to exceed $45 million and distribute the bond proceeds to any appropriate agency to: (A) acquire, construct, or equip a new mental health facility or intellectual disability facility, including a community-based mental health facility or community-based intellectual disability facility; or (B) make a major repair of or renovate a mental health facility or intellectual disability facility; and (3) issue general obligation bonds in an amount not to exceed $50 million and distribute the bond proceeds to any appropriate agency to: (A) acquire, construct, or equip a new youth corrections facility; or (B) make a major repair of or renovate a youth corrections facility. (d) As provided by Section 49-h (e), Article III, Texas Constitution, as that section existed September 1, 1999, the authority may: (1) issue general obligation bonds in an amount not to exceed $1 billion; and (2) distribute the bond proceeds as provided by that section. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.017, eff. Sept. 1, 2001. Amended by: Acts 2023, 88th Leg., R.S., Ch. 30 (H.B. 446 ), Sec. 5.22, eff. September 1, 2023.