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


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
  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.
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