Bill Text: TX SB2057 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the creation, administration, and funding of a state infrastructure endowment fund outside of the state treasury.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-28 - Referred to Finance [SB2057 Detail]
Download: Texas-2017-SB2057-Introduced.html
| 85R14690 JJT-D | ||
| By: Perry | S.B. No. 2057 | |
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| relating to the creation, administration, and funding of a state | ||
| infrastructure endowment fund outside of the state treasury. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Chapter 403, Government Code, is amended by | ||
| adding Subchapter S to read as follows: | ||
| SUBCHAPTER S. STATE INFRASTRUCTURE ENDOWMENT FUND | ||
| Sec. 403.551. DEFINITION. In this subchapter, "fund" means | ||
| the state infrastructure endowment fund. | ||
| Sec. 403.552. STATE INFRASTRUCTURE ENDOWMENT FUND. (a) | ||
| The state infrastructure endowment fund is created as a fund to be | ||
| held outside of the state treasury and administered by the | ||
| comptroller as trustee for the purpose of paying the costs of state | ||
| infrastructure as provided by this subchapter. | ||
| (b) Notwithstanding Subsection (a), the comptroller may | ||
| transfer to the Texas Treasury Safekeeping Trust Company the | ||
| comptroller's duties as trustee. | ||
| (c) The fund consists of money transferred to the fund at | ||
| the direction of the legislature and interest or other earnings on | ||
| that money. Money in the fund may be used only to: | ||
| (1) pay for projects to repair, renovate, | ||
| rehabilitate, or construct state infrastructure other than | ||
| transportation infrastructure; | ||
| (2) make payments of principal or interest on state | ||
| general obligation bonds the proceeds of which are used to pay for | ||
| projects to repair, renovate, rehabilitate, or construct state | ||
| infrastructure other than transportation infrastructure; or | ||
| (3) make payments under a credit agreement or bond | ||
| enhancement agreement related to bonds described by Subdivision | ||
| (2). | ||
| (d) The trustee of the fund, without the necessity of a | ||
| legislative appropriation, may apply available money from the fund | ||
| toward payments described by Subsection (c). The trustee may enter | ||
| into bond enhancement agreements to provide additional security for | ||
| general obligation bonds or revenue bonds the proceeds of which are | ||
| used to finance state infrastructure projects other than | ||
| transportation infrastructure projects. Bond enhancement | ||
| agreements must be payable solely from available money from the | ||
| fund. The bond enhancement agreements may not exceed an amount that | ||
| can be fully supported by the fund. A bond enhancement agreement | ||
| entered into under this subsection may not provide for a duty to | ||
| make a payment under the agreement so as to constitute a | ||
| constitutional state debt payable from general revenues of the | ||
| state. | ||
| (e) The trustee of the fund may use that fund to finance, | ||
| including by direct loan, state infrastructure projects other than | ||
| transportation infrastructure projects. | ||
| Sec. 403.553. RESERVATION OF REVENUE AND APPROPRIATION FOR | ||
| FUND. (a) For the state fiscal years 2018 through 2028, the | ||
| comptroller shall reserve in the state treasury an amount equal to | ||
| one-quarter of one percent of all general revenue that comes into | ||
| the state treasury during each state fiscal year that is not | ||
| dedicated or appropriated by the Texas Constitution. | ||
| (b) The money reserved under Subsection (a) may be | ||
| appropriated only for the purpose of transferring during the | ||
| succeeding state fiscal year the reserved amount to the credit of | ||
| the fund. If the money is not appropriated for that purpose for the | ||
| succeeding state fiscal year, the reserved money may be | ||
| appropriated for any purpose after the end of that fiscal year. | ||
| (c) The legislature may appropriate additional general | ||
| revenue for the purpose of transferring the revenue to the fund | ||
| except that the total amount appropriated for a state fiscal year | ||
| for transfer to the fund may not exceed one percent of all general | ||
| revenue that came into the state treasury during the preceding | ||
| state fiscal year that is not dedicated or appropriated by the Texas | ||
| Constitution. | ||
| (d) This section expires September 1, 2029. | ||
| SECTION 2. This Act takes effect September 1, 2017. | ||
