Texas Brain Institute Bonds Amendment (2021)

Texas Brain Institute Bonds Amendment
Election date November 2, 2021
Topic Bond issues
Status Not on the ballot
Type Constitutional amendment	Origin State legislature

The Texas Brain Institute Bonds Amendment was not on the ballot in Texas as a legislatively referred constitutional amendment on November 2, 2021.

This amendment would have amended the Texas Constitution to authorize the Texas State Legislature to issue no more than $3 billion in bonds for the Brain Institute of Texas.

Text of measure

Constitutional changes

See also: Article 3, Texas Constitution

The measure would have added section 68 of Article 3 of the state constitution. The following underlined text would have been added: Note: Hover over the text and scroll to see the full text.

Text of Section 68:

Sec. 68.(a) The legislature by general law may authorize the Texas Public Finance Authority to provide for, issue, and sell general obligation bonds of the State of Texas on behalf of the Brain Institute of Texas established by general law in an amount not to exceed $3 billion and to enter into related credit agreements. The Texas Public Finance Authority may not issue more than $300 million in bonds authorized by this subsection in a year. The bonds shall be executed in the form, on the terms, and in the denominations, bear interest, and be issued in installments as prescribed by the Texas Public Finance Authority.

(b)Proceeds from the sale of the bonds shall be deposited in separate funds or accounts, as provided by general law, within the state treasury to be used by the Brain Institute of Texas for the purposes of this section.

(c)The Brain Institute of Texas may use the proceeds from bonds authorized under Subsection (a) of this section for the purpose of funding:

(1) grants to institutions of higher education in this state for brain research;

(2) brain disease and disorder prevention health care;

(3) recruitment and development of brain researchers;

(4) activities identified in the Texas Brain Research Plan;

(5) research facilities in this state that conduct brain research;

(6) the purchase, subject to approval by the Brain Institute of Texas, of research facilities by or for a grant recipient; and

(7) the operation of the institute.

(d) The bond proceeds may be used to pay the costs of issuing the bonds and any administrative expense related to the bonds.

(e) While any of the bonds or interest on the bonds authorized by this section is outstanding and unpaid, from the first money deposited to the state treasury in each state fiscal year not otherwise appropriated by this constitution, an amount sufficient to pay the principal of and interest on bonds that mature or become due during the fiscal year and to make payments that become due under a related credit agreement during the fiscal year is appropriated, less the amount in the sinking fund at the close of the previous state fiscal year.

(f) Bonds issued under this section, after approval by the attorney general, registration by the comptroller of public accounts, and delivery to the purchasers, are incontestable and are general obligations of the State of Texas under this constitution.

(g) The Texas Public Finance Authority shall consider using a business whose principal place of business is located in the state to issue the bonds authorized by this section and shall include using a historically underutilized business as defined by general law.

Path to the ballot

See also: Amending the Texas Constitution

To put a legislatively referred constitutional amendment before voters, a two-thirds (66.67%) vote is required in both the Texas State Senate and the Texas House of Representatives.

This amendment was filed as House Joint Resolution 5 (HJR 5) on March 1, 2021. On April 27, 2021, the state House passed HJR 5 in a vote of 114-33 with three not voting or absent. HJR 5 did not receive a vote by the Senate before the legislative session ended on May 31, 2021.

Vote in the Texas House of Representatives April 27, 2021
Requirement: Two-thirds (66.67 percent) vote of all members in each chamber
Number of yes votes required: 100  a
	Yes	No	Not voting
Total	114	33	3
Total percent	76.0%	22.0%	2.0%
Democrat	67	0	0
Republican	47	33	3

See also

2021 measures

• 2021 ballot measures
• Bond issues on the ballot

Texas

• Texas ballot measures
• Texas ballot measure laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls

External links

• Full text of HJR 5