CODING: Words stricken are deletions; words underlined are additions.
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The Committee on Rules and Calendar recommended the following
amendment:
SENATE AMENDMENT
Bill No. SJR 1008
Amendment No. 1
CHAMBER ACTION
Senate House
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11 The Committee on Rules and Calendar recommended the following
12 amendment:
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14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
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17 and insert:
18 That the following amendment to Section 11 of Article
19 VII of the State Constitution is agreed to and shall be
20 submitted to the electors of this state for approval or
21 rejection at the next general election or at an earlier
22 special election specifically authorized by law for that
23 purpose:
24 ARTICLE VII
25 FINANCE AND TAXATION
26 SECTION 11. State bonds; revenue bonds.--
27 (a) State bonds pledging the full faith and credit of
28 the state may be issued only to finance or refinance the cost
29 of state fixed capital outlay projects authorized by law, and
30 purposes incidental thereto, upon approval by a vote of the
31 electors; provided state bonds issued pursuant to this
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10:58 PM 04/23/98 s1008.rc.01
SENATE AMENDMENT
Bill No. SJR 1008
Amendment No. 1
1 subsection may be refunded without a vote of the electors at a
2 lower net average interest cost rate. The total outstanding
3 principal of state bonds issued pursuant to this subsection
4 shall never exceed fifty percent of the total tax revenues of
5 the state for the two preceding fiscal years, excluding any
6 tax revenues held in trust under the provisions of this
7 constitution.
8 (b) Moneys sufficient to pay debt service on state
9 bonds as the same becomes due shall be appropriated by law.
10 (c) Any state bonds pledging the full faith and credit
11 of the state issued under this section or any other section of
12 this constitution may be combined for the purposes of sale.
13 (d) Revenue bonds may be issued by the state or its
14 agencies without a vote of the electors to finance or
15 refinance the cost of state fixed capital outlay projects
16 authorized by law, and purposes incidental thereto, and shall
17 be payable solely from funds derived directly from sources
18 other than state tax revenues.
19 (e) Bonds pledging all or part of a dedicated state
20 tax revenue may be issued by the state in the manner provided
21 by general law to finance or refinance the acquisition and
22 improvement of land, water areas, and related property
23 interests and resources for the purposes of conservation,
24 outdoor recreation, water resource development, restoration of
25 natural systems, and historic preservation.
26 (f)(e) Each project, building, or facility to be
27 financed or refinanced with revenue bonds issued under this
28 section shall first be approved by the Legislature by an act
29 relating to appropriations or by general law.
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31 Be It Further Resolved that the following statement be
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SENATE AMENDMENT
Bill No. SJR 1008
Amendment No. 1
1 placed on the ballot:
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3 CONSTITUTIONAL AMENDMENT
4 ARTICLE VII, SECTION 11
5 STATE BONDS; REVENUE BONDS.--Proposing an amendment to
6 the State Constitution to allow bonds to be issued pledging
7 all or part of a dedicated state tax revenue as provided by
8 general law to finance the acquisition and improvement of
9 land, water areas, and related property interests for the
10 purpose of conservation, outdoor recreation, water resource
11 development, restoration of natural systems, and historic
12 preservation.
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15 ================ T I T L E A M E N D M E N T ===============
16 And the title is amended as follows:
17 Delete everything before the enacting clause
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19 and insert:
20 Senate Joint Resolution No.
21 A joint resolution proposing an amendment to
22 Section 11 of Article VII of the State
23 Constitution, relating to revenue bonds for
24 natural resource conservation, outdoor
25 recreation, and water resource development
26 purposes.
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