Bill Text: TX SB249 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to dedicating certain state revenue to the purpose of retiring state general obligation debt.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2015-03-02 - Co-author authorized [SB249 Detail]
Download: Texas-2015-SB249-Introduced.html
84R2577 JJT-D | ||
By: Campbell | S.B. No. 249 |
|
||
|
||
relating to dedicating certain state revenue to the purpose of | ||
retiring state general obligation debt. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter F, Chapter 403, Government Code, is | ||
amended by adding Section 403.098 to read as follows: | ||
Sec. 403.098. STATE DEBT RETIREMENT ACCOUNT; TRANSFERS. | ||
(a) In this section, "account" means the state debt retirement | ||
account. | ||
(b) The state debt retirement account is an account in the | ||
general revenue fund. | ||
(c) Except as provided by Subsection (d), money in the | ||
account may be appropriated only to pay principal of or interest on | ||
state general obligation debt or to make a payment under a credit | ||
agreement related to a state general obligation. | ||
(d) Money in the account may be appropriated for any purpose | ||
on a two-thirds vote of the members present in each house of the | ||
legislature. | ||
(e) Each time the comptroller, as provided by Section | ||
49-g(b) or (c), Article III, Texas Constitution, reduces an amount | ||
of general revenue that otherwise is to be transferred to the | ||
economic stabilization fund, the comptroller at the same time shall | ||
transfer to the credit of the account an amount of general revenue | ||
equal to the amount by which the comptroller reduced the amount of | ||
the transfer to the economic stabilization fund. | ||
(f) Each time the comptroller, as provided by Section | ||
49-g(i), Article III, Texas Constitution, credits to general | ||
revenue interest otherwise due to the economic stabilization fund, | ||
the comptroller at the same time shall transfer to the credit of the | ||
account an amount of general revenue equal to the amount of the | ||
interest credited to general revenue. | ||
SECTION 2. This Act takes effect September 1, 2015. |