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Legislative action that proposed this amendment: HJR12 2008 General Session

Disposition: Voters rejected this proposed amendment.

Amends article 6 section 29

6:29

(1) Neither the State nor any county, city, town, school district, or other political subdivision of the State may lend its credit or, except as provided in Subsection (2) and (3), subscribe to stock or bonds in aid of any private individual or corporate enterprise or undertaking.

(2) Except as otherwise provided by statute, the State or a public institution of post-secondary education may acquire an equity interest in a private business entity as consideration for the sale, license, or other transfer to the private business entity of intellectual property developed in whole or in part by the State or the public institution of post-secondary education and may hold or dispose of the equity interest.

(3) Except as limited by statute, the State may subscribe to stock or bonds with:

(a) funds in the permanent State School Fund established in Article X, Section 5; and

(b) funds derived from federal lands grants designated in Section 8 and 12 of the Enabling Act of the State.