1423 RES 62ND TX LEGISLATURE PASSED SENATE JOINT RES NO 17RFSOLUTION NO. 1423
WHEREAS, the 62nd Texas Legislature, at its Regular Session,
1971, has passed Senate Joint Resolution No. 17, a proposed
amendment to add a new Section 49-d-1 to Article III of the Texas
Constitution; and,
WHF,REAS, said proposed amendment will appear on the ballot
at a Special Election to be held on May 18, 1971, as Aznendment
No. 4; and,
WHEREAS, proposed Aznendment No. 4 will permit the Texas
Water Development Board, on direction of the Texas Water Quality
Board, to issue additional water development bonds up to
$100 million for use in providing grants, loans, or combinations
thereof, to cities, towns, and political subdivisions, so that
these entities may quality for Federal matching funds for water
quality enhancement programs; and,
WHEREAS, the proposed Amendment No. 4 provides that bonds
authorized under this new Section 49-d-1 and all bonds author-
ized by Sections 49-c and 49-d of Article III, Texas
Constitution,may bear interest at not more than 6%, instead of
the existing rate of 47o; an d,
WHEREAS, the adoption by the people of proposed Amendment
No. 4 would make it possible for the State of Texas to realize
a greater return on tax dollars now going to Washington, since
the Federal matching share of costs would increase from a
maximum of 3311vo to 55/lo, as the State enters the program with
grants and loans; and,
WHEREAS, the increase in the maximum interest rate from
4% to 6%, as provided in Amendment No. 4, will make it possible
for the Water Development Board to sell its bonds in today's
competitive bond market; and,
WHgZEAS5 the passage of the proposed Amendment No. 4 would
make more funds available to assist local government in provid-
ing facilities to adequately treat and dispose of their wastes,
thereby enhancing the quality and quantity of the State's
water, and lifting some of the tax load from already over-
burdened city taxpayers; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS,
PARIS, TF.XAS, That it endorses Amendment No. 4 on the ballot at
the Special Election to be held on May 18, 1971.
BE IT FURTHER RESOLVED that the City Council of the City
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