Sec. 67.  CANCER PREVENTION AND RESEARCH INSTITUTE OF TEXAS; BONDS.  (a) The legislature shall establish the Cancer Prevention and Research Institute of Texas to:
(1)  make grants to provide funds to public or private persons to implement the Texas Cancer Plan, and to institutions of learning and to advanced medical research facilities and collaborations in this state for:
(A)  research into the causes of and cures for all forms of cancer in humans;
(B)  facilities for use in research into the causes of and cures for cancer; and
(C)  research, including translational research, to develop therapies, protocols, medical pharmaceuticals, or procedures for the cure or substantial mitigation of all types of cancer in humans;
(2)  support institutions of learning and advanced medical research facilities and collaborations in this state in all stages in the process of finding the causes of all types of cancer in humans and developing cures, from laboratory research to clinical trials and including programs to address the problem of access to advanced cancer treatment; and
(3)  establish the appropriate standards and oversight bodies to ensure the proper use of funds authorized under this provision for cancer research and facilities development.
(b)  The members of the governing body and any other decision-making body of the Cancer Prevention and Research Institute of Texas may serve four-year terms.
(c)  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 Cancer Prevention and Research Institute of Texas in an amount not to exceed $6 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.
(d)  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 Cancer Prevention and Research Institute of Texas for the purposes of this section.
(e)  Notwithstanding any other provision of this constitution, the Cancer Prevention and Research Institute of Texas, which is established in state government, may use the proceeds from bonds issued under Subsection (c) of this section and federal or private grants and gifts to pay for:
(1)  grants for cancer research, for research facilities, and for research opportunities in this state to develop therapies, protocols, medical pharmaceuticals, or procedures for the cure or substantial mitigation of all types of cancer in humans;
(2)  grants for cancer prevention and control programs in this state to mitigate the incidence of all types of cancer in humans;
(3)  the purchase, subject to approval by the Cancer Prevention and Research Institute, of laboratory facilities by or on behalf of a state agency or grant recipient; and
(4)  the operation of the Cancer Prevention and Research Institute of Texas.
(f)  The bond proceeds may be used to pay the costs of issuing the bonds and any administrative expense related to the bonds.
(g)  While any of the bonds or interest on the bonds authorized by this section is outstanding and unpaid, from the first money coming into the state treasury in each 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 fiscal year.
(h)  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.
(i)  Before the Cancer Prevention and Research Institute of Texas may make a grant of any proceeds of the bonds issued under this section, the recipient of the grant must have an amount of funds equal to one-half the amount of the grant dedicated to the research that is the subject of the grant request.
(j)  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.  
(Added Nov. 6, 2007; Subsec. (c) amended Nov. 5, 2019.)