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Proposing an amendment to the Constitution of Texas adding a section to be known as Section 49c of Article III, authorizing the issuance and sale of bonds by the State of Texas to create the Texas Water Development Fund to provide financial assistance to certain political subdivisions or bodies politic and corporate of the State of Texas in the conservation and development of the water resources of the State; providing for the levying of a state ad valorem tax of not to exceed three cents on the one hundred dollars ($100) valuation as security for such state obligations; providing for the termination of such tax levy; providing for the calling of an election and the publication and issuance of the proclamation therefor.