Bill Text: TX SB249 | 2015-2016 | 84th Legislature | Introduced

Texas Senate Bill 249 (Prior Session Legislation)

Introduced

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

Sponsorship: Partisan Bill (Republican 2)

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



	A BILL TO BE ENTITLED
	AN ACT
	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.