Bill Text: TX HB456 | 2017-2018 | 85th Legislature | Comm Sub

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Bill Title: Relating to dedicating certain state revenue to the purpose of retiring state debt.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2017-05-05 - Committee report sent to Calendars [HB456 Detail]

Download: Texas-2017-HB456-Comm_Sub.html

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85R1530 KLA-D
By: Metcalf, Simmons, et al. H.B. No. 456

A BILL TO BE ENTITLED
AN ACT
relating to dedicating certain state revenue to the purpose of
retiring state 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. ALLOCATIONS FOR STATE DEBT RETIREMENT. (a)
The state debt retirement account is an account in the general
revenue fund and administered by the comptroller. The account is
exempt from the application of Section 403.095.
(b) 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 shall allocate to the
credit of the state debt retirement 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.
(c) Each time the comptroller, as provided by Section
49-g(i), Article III, Texas Constitution, credits to general
revenue an amount of interest otherwise due to the economic
stabilization fund, the comptroller shall credit that amount to the
state debt retirement account.
(d) Except as provided by Subsection (f), money allocated or
credited to the state debt retirement account under this section
may be appropriated only to pay the principal of or interest on
state bonds, notes, or other obligations.
(e) At any time there is no outstanding amount of principal
or interest owed on a state bond, note, or other obligation, the
comptroller:
(1) shall allocate to the nondedicated portion of the
general revenue fund any remaining balance of money allocated or
credited to the state debt retirement account under this section;
and
(2) may not make an allocation or credit money as
otherwise required by Subsection (b) or (c).
(f) Money allocated as provided by Subsection (e)(1) may be
appropriated for any general governmental purpose.
SECTION 2. This Act takes effect September 1, 2017.