Texas Constitution, April 2008 Page: 26
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Art. 3 Sec. 49-c
shall be administered and invested as provided by law. Payments of principal
and interest on the bonds, including payments made under a bond enhancement
agreement with respect to principal of or interest on the bonds, shall be made
from the sources and in the manner provided by this section for general obligation
bonds issued for the benefit of the Veterans' Housing Assistance Fund II. (Added
Nov. 7, 1946, amended Nov. 13, 1951, Nov. 6, 1956, Nov. 8, 1960, Nov. 6, 1962,
Nov. 11, 1967, Nov. 6, 1973, Nov. 8,1977, Nov. 3, 1981, Nov. 5, 1985, and Nov.
5, 1991; Secs. 49-b, 49-b-i, 49-b-2, and 49-b-3 combined, reenacted as Sec. 49-b
and amended Nov. 2, 1999; Subsec. (s) amended and (w) added Nov. 6, 2001;
Subsecs. (r) and (s) amended Sept. 13, 2003.) (TEMPORARY TRANSITION
PROVISIONS for Sec. 49-b: See Appendix, Note 1.)
Sec. 49-c. TEXAS WATER DEVELOPMENT BOARD; BOND ISSUE;
TEXAS WATER DEVELOPMENT FUND. (a) The Texas Water Development
Board, an agency of the State of Texas, shall exercise such powers as necessary
under this provision together with such other duties and restrictions as may be
prescribed by law. The qualifications, compensation, and number of members of
said Board shall be determined by law. They shall be appointed by the Governor
with the advice and consent of the Senate in the manner and for such terms as
may be prescribed by law.
(b) The Texas Water Development Board shall have the authority to provide
for, issue and sell general obligation bonds of the State of Texas as authorized S
by constitutional amendment or by a debt proposition under Section 49 of this
article. The bonds shall be called "Texas Water Development Bonds," shall be
executed in such form, denominations and upon such terms as may be prescribed
by law, and may be issued in such installments as the Board finds feasible and
practical in accomplishing the purpose set forth herein.
(c) All moneys received from the sale of the bonds shall be deposited in
a fund hereby created in the State Treasury to be known as the Texas Water
Development Fund to be administered (without further appropriation) by the
Texas Water Development Board in such manner as prescribed by law. 5
(d) Such fund shall be used only for the purpose of aiding or making funds
available upon such terms and conditions as the Legislature may prescribe, to the
various political subdivisions or bodies politic and corporate of the State of Texas
including river authorities, conservation and reclamation districts and districts
created or organized or authorized to be created or organized under Article XVI,
Section 59 or Article III, Section 52, of this Constitution, interstate compact
commissions to which the State of Texas is a party and municipal corporations, in
the conservation and development of the water resources of this State, including
the control, storing and preservation of its storm and flood waters and the waters
of its rivers and streams, for all useful and lawful purposes by the acquisition,
improvement, extension, or construction of dams, reservoirs and other water 5
storage projects, including any system necessary for the transportation of water
from storage to points of treatment and/or distribution, including facilities for
transporting water therefrom to wholesale purchasers, or for any one or more of
such purposes or methods.
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Texas. Legislature. Legislative Council. Research Division. Texas Constitution, April 2008, book, April 2008; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654146/m1/32/?q=%222008~%22: accessed August 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.