Texas Almanac, 1949-1950 Page: 54
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54 TEXAS ALMANAC -1949-195;
Article llI.-(Continued.)
The payment of all nilevet upon the
bonded debt of this State
The erection and repairs of public build-
ings
The benefit of the sinking iand. which
shall not be more than 2 per centum of the
public debt; and for the payment of the
present floating debt of the Stati. including
matured bonds, for the payment of which
the sinking fund is inadequate.
The support of public schools in which
shall be included colleges and universities
established by the State and the mainte-
nance and support of the Agricultural and
Mechanical College of 1 exas
The payment of the tost of assessing and
collecting the re enue and the payment of
all officers, agents and employees of the
State Goleinment and all incidental ex-
penses connected therewith.
The support of the Blind Asylum. the Deaf
and Dumb Asylum and the Insane Asylum,
the State Cemeery and the public grounds
if the State. *
The enforcement of quarantine regulations
on the coast of ' exas
The protection of the frontier.
See 48-a Teachers' Ret:rement Fund.-In
addition to the poweis gr'.en to the Legisla-
ture. under Section 48 of Article IlI, it shall
hate the i lght to leNxv toxes to prx ide a re-
tirenent fund for persons employed in public
schools colleges and universities, supported
wholly or partly by the State: prodded that
the amount contributed by the State to such
itrlement fund shall equal the amount pauld
for the same pui pose from the income of
each such person, and shall not exceed at
any time 5 per centum of the compensation
paid to each such person by the State, and/ot
school districts, and shall in no one year ex-
reed the sum of one hundred eighty ($180)
dollars for any such person, provided no per-
son shall be eligible for a pension under this
amendment who has not taught twenty yeat s
In the State of Texas. but shall be entitled
to a refund of the moneys paid into the fund
All funds provided from the compensation
of said persons. or by the State of Texas.
for such retirement fund as aie receied
by the Treasury of the State of Texas shall
be invested in bonds of the United States
the State of Texas or counties or cities of
this State, or in bonds issued by any agency
of the United States Gover nment, the pay-
ment of the principal of and interest on
which is guaranteed by the United States.
provided that a sufficient amount of said
funds shall be kept on hand to meet the
immediate payment of the amounts that may
become due each %ear under such retire-
ment plan as may be provided by law. and
provided that the recipients of such retire-
ment fund shall not be eligible for any other
pension retirement funds or direct aid from
the State of Texas. unless such retirement
fund. contributed by the State. is released
to the State of Texas as a condition to re-
ceiving such other pension aid
[Note.-The foregoing Sec. 48-a of Art III was
added as an amendment to provide a teacher,'
retirement fund Adopted in an election Nov. 3, \
1936.1
Sec. 49 Purpose for Which Debts May Be
Created.-No debt shall he created by or on
behalf of the State, except to supply casual
deficiencies of revenue, repel invahon, sup-
press insurrection, defend the State in war
or pay existing debt. and the debt created
to supply deficiencies in the reN enue shall
never exceed in the aggregate at -ny one
time $200,000.
Sec. 49-a Limiting Appropriations to An.
ticipated Revenue; Comptroller's CertificationRequired; Issuance of Certain General Reve-
nue Bonds Authorized.-It shall be the dut3
of the Comptroller of Public Accounts in
advance of each regular session of the Legis-
lature to prepare and submit to the Gov-
ernor and to the Legislature upon its con-
vening a statement under oath showing fully
the financial condition of the State Treasury
at the close of the last fiscal period and an
estimate of the probable receipts and dis-
bursements for the then current fiscal year.
There shall also be contained in said state-
ment an itemized estimate of 'e anticipated
revenue based on the laws inen in effect
that will be received by and for the State
from all sources showing the fund accounts
to be credited during the succeeding bien-
nium and said statement shall contain such
other information as may be required by law.
Supplemental statements shall be submitted
at any special session of the Legislature and
at such other times as may be necessary to
show probable changes.
From and after Jan. 1, 1945, save in the
case of emergency and imperative public
necessityy and with a fourth-fifths vote of the
total membership of each house, no appro-
priation in excess of the cash and anticipated
re enue of the funds from which such appro-
prilion is to be made shall be valid. From
and after Jan. 1, 1945, no bill containing an
appropriation shall be considered as passed
or he sent to the Governor for consideration
until and unless the Comptroller of Public
Accounts endorses his certificate thereon
showing that the amount appropriated is
within the amount estimated to be available
in the affected funds. When the Comptroller
finds an appropriation bill exceeds the esti-
mated revenue he shall endorse such finding
thereon and return to the house in which
same originated. Such information shall be
immediately made known to both the House
of Representatives and the Senate and the
necessary steps shall be taken to bring such
appropriation to within the revenue, either
by providing additional revenue or reducing
the appropriation.
For the purpose of financing the outstand-
ing obligations of the general revenue fund
of the State and placing its current accounts
on a cash basis the Legislature of the State
of Texas is hereby authorized to provide
for the issuance, sale, and retirement of
seral bonds, equal in principal to the total
outstanding. valid, and approved obligations
( in mg by said fund on Sept. 1, 1943, provided
such bonds shall not draw interest in excess
of 2 per cent per annum and shall mature
within twenty years from date.
[Note.-The foregoing Sec. 49-a of Art. III is
an amendment added to provide for comptroller's
estimates of receipts and disbursements and limit
legislative appropriations, as stated. Adopted in
an election Nov. 3, 1942.]
Sec. 49-b. Veterans' Land Board; Bonds
Authorized for Creation of Veterans' Land
Fund; Purchase of Land by State and Sales
to Veterans.-There is hereby created a board
to be known as the Veterans' Land Board.
which shall be composed of the Governor.
the Attorney General and the Commissioner
of the General Land Office The Legislature
shall provide by law for the issuance by said
board of not to exceed twenty-five million
($25.000.000) dollars in bonds or obligations
of the State of Texas for the purpose of
creating a fund to be known as the veterans'
land fund. Such bonds shall be executed
by said board as an obligation of the State
of Texas in such form. denominations, and
upon such terms as shall be prescribed by
law, provided however, that said bonds shall
bear a rate of interest not to exceed three
per cent (3M) per annum.
In the sale of an. such bonds a preferen-
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Texas Almanac, 1949-1950, book, 1949; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth117167/m1/56/?rotate=270: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.