Bill Text: TX SJR46 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Proposing a constitutional amendment to set aside general revenue as dedicated to pay for certain state infrastructure projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-09 - Referred to Finance [SJR46 Detail]
Download: Texas-2017-SJR46-Introduced.html
| 2017S0368-1 03/02/17 | ||
| By: Perry | S.J.R. No. 46 | |
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| proposing a constitutional amendment to set aside general revenue | ||
| as dedicated to pay for certain state infrastructure projects. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Article III, Texas Constitution, is amended by | ||
| adding Section 50-h to read as follows: | ||
| Sec. 50-h. (a) The state infrastructure endowment fund is | ||
| a fund created outside the state treasury. | ||
| (b) Not later than the 90th day of each state fiscal year, | ||
| the comptroller of public accounts shall transfer from the general | ||
| revenue fund to the credit of the state infrastructure endowment | ||
| fund an amount equal to one-quarter of one percent of all general | ||
| revenue that: | ||
| (1) came into the state treasury during the preceding | ||
| state fiscal year; and | ||
| (2) is not otherwise dedicated by or appropriated by | ||
| this constitution. | ||
| (c) Notwithstanding Subsection (b) of this section, the | ||
| legislature by general law may provide for a percentage different | ||
| from the percentage provided by that subsection. The percentage | ||
| may not be less than one-quarter of one percent or more than one | ||
| percent of the general revenue described by Subsection (b) of this | ||
| section. | ||
| (d) Except as provided by Subsection (f) of this section, | ||
| money transferred to the credit of the state infrastructure | ||
| endowment fund under this section and interest or other earnings on | ||
| that money shall be administered, without further appropriation, by | ||
| the Texas Treasury Safekeeping Trust Company or that company's | ||
| successor in function and shall be used only to: | ||
| (1) make payments of principal or interest on state | ||
| bonds the proceeds of which were used to pay for projects to repair, | ||
| renovate, rehabilitate, or construct state infrastructure other | ||
| than transportation infrastructure and higher education | ||
| facilities; or | ||
| (2) make payments under a credit agreement related to | ||
| bonds described by Subdivision (1) of this subsection. | ||
| (e) For purposes of Subsection (d) of this section: | ||
| (1) "Transportation infrastructure" means roads, | ||
| streets, ways, bridges, or culverts. | ||
| (2) "Higher education facilities" means property, | ||
| buildings, structures, or other facilities used or intended to be | ||
| used by a public institution of higher education. | ||
| (f) The Texas Treasury Safekeeping Trust Company or that | ||
| company's successor in function shall retain in the state | ||
| infrastructure endowment fund a minimum balance of 95 percent of | ||
| the corpus of the fund. | ||
| (g) This subsection and Subsections (b) and (c) of this | ||
| section expire August 31, 2027. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 7, 2017. | ||
| The ballot shall be printed to permit voting for or against the | ||
| proposition: "The constitutional amendment to set aside general | ||
| revenue as dedicated to pay for certain state infrastructure | ||
| projects." | ||
