2017S0368-1 03/02/17
 
  By: Perry S.J.R. No. 46
 
 
 
JOINT RESOLUTION
  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."