85R14689 JJT-D
 
  By: Perry S.J.R. No. 58
 
 
 
A JOINT RESOLUTION
  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."