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Senate Bill 69 |
Senate Author: Nelson |
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Effective: 9-1-19 |
House Sponsor: Capriglione et al. |
Senate Bill 69 amends the Government Code to remove provisions providing for the biennial determination and adoption of a sufficient balance of the economic stabilization fund (ESF) and the use of that adopted balance in making adjustments to the constitutional allocations of certain oil and gas production tax revenue to the ESF and the state highway fund. The bill requires the comptroller of public accounts, beginning with the 2022 state fiscal year, to determine and adopt instead for the state fiscal biennium an amount equal to seven percent of the certified general revenue‑related appropriations made for that state fiscal biennium to be used in making those adjustments. The bill sets these provisions to expire December 31, 2034, and changes from the 2026 state fiscal year to the 2036 state fiscal year the fiscal year beginning with which the comptroller is required to adjust the allocations so that the total amount is transferred to the ESF, subject to the limit on the total ESF balance for the biennium.
Senate Bill 69 revises provisions governing the investment of certain ESF balances to require, among other provisions, that at least one‑quarter of the ESF balance be invested in a manner that ensures liquidity of that amount and to authorize the comptroller to pool ESF assets with other state assets for investment purposes.