Texas Government Code 1401.041 – 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 § 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.
Terms Used In Texas Government Code 1401.041
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) As provided by § 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 § 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.