Bill Text: TX SJR58 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Proposing a constitutional amendment to set aside money from the economic stabilization fund to pay for certain state infrastructure projects and to create a state infrastructure endowment fund for funding certain costs of those projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-23 - Referred to Finance [SJR58 Detail]
Download: Texas-2017-SJR58-Introduced.html
85R14689 JJT-D | ||
By: Perry | S.J.R. No. 58 |
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proposing a constitutional amendment to set aside money from the | ||
economic stabilization fund to pay for certain state infrastructure | ||
projects and to create a state infrastructure endowment fund for | ||
funding certain costs of those projects. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Article XVI, Texas Constitution, is amended by | ||
adding Section 76 to read as follows: | ||
Sec. 76. (a) The state infrastructure endowment fund is | ||
created as a fund to be held outside of the state treasury and | ||
administered by the comptroller of public accounts as trustee for | ||
the purpose of paying the costs of state infrastructure as provided | ||
by this section. | ||
(b) Notwithstanding Subsection (a) of this section, the | ||
comptroller of public accounts may transfer the state | ||
infrastructure endowment fund and the comptroller's duties as | ||
trustee to a special purpose trust company that, as provided by | ||
general law, is incorporated by the comptroller. | ||
(c) Money transferred to the credit of the state | ||
infrastructure endowment fund and interest or other earnings on | ||
that money may be used only to: | ||
(1) make payments of principal or interest on state | ||
general obligation bonds the proceeds of which were used to pay for | ||
projects to repair, renovate, rehabilitate, or construct state | ||
infrastructure other than transportation infrastructure; or | ||
(2) make payments under a credit agreement or bond | ||
enhancement agreement related to bonds described by Subdivision (1) | ||
of this subsection. | ||
(d) As soon as practicable after the effective date of this | ||
section, the comptroller of public accounts shall transfer from the | ||
economic stabilization fund to the credit of the state | ||
infrastructure endowment fund the amount of $1 billion. For the | ||
purposes of Section 22, Article VIII, of this constitution, the | ||
transfer made under this subsection to the state infrastructure | ||
endowment fund is not an appropriation of state tax revenues. This | ||
subsection expires September 1, 2018. | ||
(e) The trustee of the state infrastructure endowment fund, | ||
without the necessity of a legislative appropriation, may apply | ||
available money from the fund toward payments described by | ||
Subsection (c) of this section. 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 state infrastructure | ||
endowment fund. The bond enhancement agreements may not exceed an | ||
amount that can be fully supported by the state infrastructure | ||
endowment 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. | ||
(f) This section is self-executing, however the legislature | ||
by general law may provide for criteria or procedures for the | ||
trustee to use in determining the use of the state infrastructure | ||
endowment fund's resources. | ||
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 an amount | ||
of money from the economic stabilization fund as dedicated to pay | ||
for certain state infrastructure projects and to create a state | ||
infrastructure endowment fund outside of the state treasury for | ||
funding certain costs of those projects." |