Bill Text: TX HJR18 | 2013 | 83rd Legislature 1st Special Session | Introduced
Bill Title: Proposing a constitutional amendment requiring the allocation of certain interest and investment income from the economic stabilization fund to the purposes of public education, water development projects, and transportation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-06-17 - Referred to Appropriations [HJR18 Detail]
Download: Texas-2013-HJR18-Introduced.html
By: Taylor | H.J.R. No. 18 |
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proposing a constitutional amendment requiring the allocation of | ||
certain interest and investment income from the economic | ||
stabilization fund to the purposes of public education, water | ||
development projects, and transportation. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 49-g, Article III, Texas Constitution, | ||
is amended by amending Subsection (g) and adding Subsections (g-1), | ||
(g-2), and (g-3) to read as follows: | ||
(g) During each fiscal biennium, the amount in the economic | ||
stabilization fund may not exceed an amount equal to 10 percent of | ||
the total amount, excluding investment income, interest income, and | ||
amounts borrowed from special funds, deposited in general revenue | ||
during the preceding biennium. The amount of money required to be | ||
transferred from the economic stabilization fund under Subsection | ||
(g-1) of this section is considered to be transferred before any | ||
amounts are transferred to the fund as required by Subsections (b), | ||
(c), (d), and (e) of this section, regardless of the actual order in | ||
which those transfers occur. | ||
(g-1) Not later than the 90th day of each state fiscal year, | ||
the comptroller shall: | ||
(1) determine whether the ending balance of the | ||
economic stabilization fund for the preceding state fiscal year, | ||
excluding the amount of money from interest and investment income | ||
received during the preceding state fiscal year, equals or exceeds | ||
an amount equal to seven percent of the total amount of general | ||
revenue appropriations made for the state fiscal biennium during | ||
which the determination is made; and | ||
(2) if the ending balance described by Subdivision (1) | ||
of this subsection equals or exceeds seven percent of the total | ||
amount of the general revenue appropriations described by that | ||
subdivision, transfer from the economic stabilization fund the | ||
amount of money equal to the amount of interest and investment | ||
income received during the preceding state fiscal year as follows: | ||
(A) one-third of the amount to the permanent | ||
school fund; | ||
(B) one-third of the amount to the Texas Water | ||
Development Fund II; and | ||
(C) the remaining amount to the state highway | ||
fund. | ||
(g-2) For purposes of Subsection (g-1) of this section, the | ||
ending balance of the economic stabilization fund for a state | ||
fiscal year includes all amounts of money transferred to the | ||
general revenue fund under Subsection (j) of this section during | ||
the state fiscal biennium that includes the fiscal year for which | ||
the ending balance is determined, regardless of whether the money | ||
has been returned. | ||
(g-3) A transfer of money under Subsection (g-1) of this | ||
section is an appropriation from state tax revenues dedicated by | ||
this constitution for purposes of determining the rate of growth of | ||
those appropriations under Section 22, Article VIII, of this | ||
constitution. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 5, 2013. | ||
The ballot shall be printed to permit voting for or against the | ||
proposition: "The constitutional amendment requiring the | ||
allocation of certain interest and investment income from the | ||
economic stabilization fund to the purposes of public education, | ||
water development projects, and transportation." |