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 | |
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| 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. | ||
