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e e RESOLUTION NO. 71- 08 . . 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-l to Article III of the Texas Constitution; and WHEREAS, said proposed amendment will appear on the ballot at a Special Election to be held on May 18, 1971, as Amendment No.4; and WHEREAS, proposed Amendment 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 combina- tions thereof, to cities, towns, and political subdivisions, so that these entities may qualify 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-l and all bonds authorized 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 4%; and 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 33% to 55%, 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 WHEREAS, the passage of the proposed Amendment No. 4 would make more funds available to assist local government in providing facilities to adequately treat and dispose of their wastes, thereby enhancing the quality and quantity of the . .