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A BILL TO BE ENTITLED
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AN ACT
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relating to dedicating certain state revenue to the purpose of |
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retiring state debt. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter F, Chapter 403, Government Code, is |
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amended by adding Section 403.098 to read as follows: |
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Sec. 403.098. ALLOCATIONS FOR STATE DEBT RETIREMENT. (a) |
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The state debt retirement account is an account in the general |
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revenue fund and administered by the comptroller. The account is |
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exempt from the application of Section 403.095. |
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(b) Each time the comptroller, as provided by Section |
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49-g(b) or (c), Article III, Texas Constitution, reduces an amount |
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of general revenue that otherwise is to be transferred to the |
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economic stabilization fund, the comptroller shall allocate to the |
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credit of the state debt retirement account an amount of general |
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revenue equal to the amount by which the comptroller reduced the |
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amount of the transfer to the economic stabilization fund. |
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(c) Each time the comptroller, as provided by Section |
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49-g(i), Article III, Texas Constitution, credits to general |
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revenue an amount of interest otherwise due to the economic |
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stabilization fund, the comptroller shall credit that amount to the |
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state debt retirement account. |
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(d) Except as provided by Subsection (f), money allocated or |
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credited to the state debt retirement account under this section |
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may be appropriated only to pay the principal of or interest on |
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state bonds, notes, or other obligations. |
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(e) At any time there is no outstanding amount of principal |
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or interest owed on a state bond, note, or other obligation, the |
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comptroller: |
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(1) shall allocate to the nondedicated portion of the |
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general revenue fund any remaining balance of money allocated or |
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credited to the state debt retirement account under this section; |
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and |
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(2) may not make an allocation or credit money as |
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otherwise required by Subsection (b) or (c). |
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(f) Money allocated as provided by Subsection (e)(1) may be |
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appropriated for any general governmental purpose. |
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SECTION 2. This Act takes effect September 1, 2017. |