By Siebert H.J.R. No. 15
A JOINT RESOLUTION
1-1 proposing a constitutional amendment abolishing the office of state
1-2 treasurer.
1-3 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. The following temporary provision is added to the
1-5 Texas Constitution:
1-6 TEMPORARY PROVISION. (a) This temporary provision applies
1-7 to the constitutional amendment proposed by the 74th Legislature,
1-8 Regular Session, 1995, abolishing the constitutional office of
1-9 state treasurer.
1-10 (b) The constitutional office of state treasurer is
1-11 abolished. However, the office and the constitutional and
1-12 statutory powers of the office are continued in effect for a period
1-13 of time provided by law, and the transfer of specific powers and
1-14 duties to the comptroller of public accounts under this amendment
1-15 takes effect as provided by that law. The legislature by law shall
1-16 provide for the orderly transfer of the powers, duties, property,
1-17 and obligations of the state treasurer to other officers and
1-18 agencies and shall provide for the date on which the constitutional
1-19 office of state treasurer is finally abolished, which date must be
1-20 on or before the date on which this section expires.
1-21 (c) This temporary provision expires January 1, 2004.
1-22 SECTION 2. Article III, Section 49-e, of the Texas
1-23 Constitution is amended to read as follows:
2-1 Sec. 49-e. The Parks and Wildlife Department, or its
2-2 successor vested with the powers, duties, and authority which deals
2-3 with the operation, maintenance, and improvement of State Parks,
2-4 shall have the authority to provide for, issue and sell general
2-5 obligation bonds of the State of Texas in an amount not to exceed
2-6 Seventy-Five Million Dollars ($75,000,000). The bonds authorized
2-7 herein shall be called "Texas Park Development Bonds," shall be
2-8 executed in such form, denominations, and upon such terms as may be
2-9 prescribed by law, provided, however, that the bonds shall bear a
2-10 rate or rates of interest as may be fixed by the Parks and Wildlife
2-11 Department or its successor, but the weighted average annual
2-12 interest rate, as that phrase is commonly and ordinarily used and
2-13 understood in the municipal bond market, of all the bonds issued
2-14 and sold in any installment of any bonds, shall not exceed four and
2-15 one-half percent (4 1/2 %) interest per annum; they may be issued
2-16 in such installments as said Parks and Wildlife Department, or its
2-17 said successor, finds feasible and practical in accomplishing the
2-18 purpose set forth herein.
2-19 All moneys received from the sale of said bonds shall be
2-20 deposited in a fund hereby created with the Comptroller of Public
2-21 Accounts of the State of Texas <State Treasurer> to be known as the
2-22 Texas Park Development Fund to be administered (without further
2-23 appropriation) by the said Parks and Wildlife Department, or its
2-24 said successor, in such manner as prescribed by law.
2-25 Such fund shall be used by said Parks and Wildlife
3-1 Department, or its said successor, under such provisions as the
3-2 Legislature may prescribe by general law, for the purposes of
3-3 acquiring lands from the United States, or any governmental agency
3-4 thereof, from any governmental agency of the State of Texas, or
3-5 from any person, firm, or corporation, for State Park Sites and for
3-6 developing said sites as State Parks.
3-7 While any of the bonds authorized by this provision, or any
3-8 interest on any such bonds, is outstanding and unpaid, there is
3-9 hereby appropriated out of the first moneys coming into the
3-10 Treasury in each fiscal year, not otherwise appropriated by this
3-11 Constitution, an amount which is sufficient to pay the principal
3-12 and interest on such bonds that mature or become due during such
3-13 fiscal year, less the amount in the interest and sinking fund at
3-14 the close of the prior fiscal year, which includes any receipts
3-15 derived during the prior fiscal year by said Parks and Wildlife
3-16 Department, or its said successor, from admission charges to State
3-17 Parks, as the Legislature may prescribe by general law.
3-18 The Legislature may provide for the investment of moneys
3-19 available in the Texas Park Development Fund and the interest and
3-20 sinking fund established for the payment of bonds issued by said
3-21 Parks and Wildlife Department, or its said successor. Income from
3-22 such investment shall be used for the purposes prescribed by the
3-23 Legislature.
3-24 From the moneys received by said Parks and Wildlife
3-25 Department, or its said successor, from the sale of the bonds
4-1 issued hereunder, there shall be deposited in the interest and
4-2 sinking fund for the bonds authorized by this section sufficient
4-3 moneys to pay the interest to become due during the State fiscal
4-4 year in which the bonds were issued. After all bonds have been
4-5 fully paid with interest, or after there are on deposit in the
4-6 interest and sinking fund sufficient moneys to pay all future
4-7 maturities of principal and interest, additional moneys received
4-8 from admission charges to State Parks shall be deposited to the
4-9 State Parks Fund, or any successor fund which may be established by
4-10 the Legislature as a depository for Park revenue earned by said
4-11 Parks and Wildlife Department, or its said successor.
4-12 All bonds issued hereunder shall after approval by the
4-13 Attorney General, registration by the Comptroller of Public
4-14 Accounts of the State of Texas, and delivery to the purchasers, be
4-15 incontestable and shall constitute general obligations of the State
4-16 of Texas under the Constitution of Texas.
4-17 Should the Legislature enact enabling laws in anticipation of
4-18 the adoption of this amendment, such Acts shall not be void by
4-19 reason of their anticipatory nature.
4-20 SECTION 3. Article III, Section 49-f, Subsection (b), of the
4-21 Texas Constitution is amended to read as follows:
4-22 (b) All money received from the sale of the bonds shall be
4-23 deposited in a fund created with the comptroller of public accounts
4-24 <state treasurer> to be known as the farm and ranch finance program
4-25 fund. This fund shall be administered by the Veterans' Land Board
5-1 in the manner prescribed by law.
5-2 SECTION 4. Article III, Section 49-g, Subsections (i) and
5-3 (j), of the Texas Constitution, as proposed by H.J.R. No. 2, 70th
5-4 Legislature, Regular Session, 1987, are amended to read as follows:
5-5 (i) The comptroller <state treasurer> shall credit to
5-6 general revenue interest due to the economic stabilization fund
5-7 that would result in an amount in the economic stabilization fund
5-8 that exceeds the limit in effect under Subsection (g) of this
5-9 section.
5-10 (j) The comptroller<, with the consent of the state
5-11 treasurer,> may transfer money from the economic stabilization fund
5-12 to general revenue to prevent or eliminate a temporary cash
5-13 deficiency in general revenue. The comptroller shall return the
5-14 amount transferred to the economic stabilization fund as soon as
5-15 practicable, but not later than August 31 of each odd-numbered
5-16 year. The comptroller <state treasurer> shall allocate the
5-17 depository interest as if the transfers had not been made. If the
5-18 comptroller submits a statement to the governor and the legislature
5-19 under Article III, Section 49a, of this constitution when money
5-20 from the economic stabilization fund is in general revenue, the
5-21 comptroller shall state that the transferred money is not available
5-22 for appropriation from general revenue.
5-23 SECTION 5. Article III, Section 50c, Subsection (b), of the
5-24 Texas Constitution is amended to read as follows:
5-25 (b) All money received from the sale of Farm and Ranch Loan
6-1 Security Bonds shall be deposited in a fund hereby created with the
6-2 comptroller of public accounts <State Treasurer> to be known as the
6-3 "Farm and Ranch Loan Security Fund." This fund shall be
6-4 administered without further appropriation by the commissioner of
6-5 agriculture in the manner prescribed by law.
6-6 SECTION 6. Article III, Section 61, of the Texas
6-7 Constitution, as proposed by S.J.R. No. 5, 53rd Legislature,
6-8 Regular Session, 1953, is amended to read as follows:
6-9 Sec. 61. The Legislature shall not fix the salary of the
6-10 Governor, Attorney General, Comptroller of Public Accounts, <the
6-11 Treasurer,> Commissioner of the General Land Office or Secretary of
6-12 State at a sum less than that fixed for such officials in the
6-13 Constitution on January 1, 1953.
6-14 SECTION 7. Article IV, Section 1, of the Texas Constitution
6-15 is amended to read as follows:
6-16 Sec. 1. The Executive Department of the State shall consist
6-17 of a Governor, who shall be the Chief Executive Officer of the
6-18 State, a Lieutenant Governor, Secretary of State, Comptroller of
6-19 Public Accounts, <Treasurer,> Commissioner of the General Land
6-20 Office, and Attorney General.
6-21 SECTION 8. Article IV, Section 23, of the Texas Constitution
6-22 is amended to read as follows:
6-23 Sec. 23. The Comptroller of Public Accounts, <the
6-24 Treasurer,> the Commissioner of the General Land Office, and any
6-25 statutory State officer who is elected by the electorate of Texas
7-1 at large, unless a term of office is otherwise specifically
7-2 provided in this Constitution, shall each hold office for the term
7-3 of four years and until his successor is qualified. The four-year
7-4 term applies to these officers who are elected at the general
7-5 election in 1974 or thereafter. Each shall receive an annual
7-6 salary in an amount to be fixed by the Legislature; reside at the
7-7 Capital of the State during his continuance in office, and perform
7-8 such duties as are or may be required by law. They and the
7-9 Secretary of State shall not receive to their own use any fees,
7-10 costs or perquisites of office. All fees that may be payable by
7-11 law for any service performed by any officer specified in this
7-12 section or in his office, shall be paid, when received, into the
7-13 State Treasury.
7-14 SECTION 9. Article VII, Section 4, of the Texas Constitution
7-15 is amended to read as follows:
7-16 Sec. 4. The lands herein set apart to the Public Free School
7-17 fund, shall be sold under such regulations, at such times, and on
7-18 such terms as may be prescribed by law; and the Legislature shall
7-19 not have power to grant any relief to purchasers thereof. The
7-20 proceeds of such sales must be used to acquire other land for the
7-21 Public Free School fund as provided by law or the proceeds shall be
7-22 invested by the comptroller of public accounts <treasurer>, as may
7-23 be directed by the Board of Education herein provided for, in the
7-24 bonds of the United States, the State of Texas, or counties in said
7-25 State, or in such other securities, and under such restrictions as
8-1 may be prescribed by law; and the State shall be responsible for
8-2 all investments.
8-3 SECTION 10. Article VII, Section 11b, of the Texas
8-4 Constitution is amended to read as follows:
8-5 Sec. 11b. Notwithstanding any other provision of this
8-6 constitution, in managing the assets of the permanent university
8-7 fund, the Board of Regents of The University of Texas System may
8-8 acquire, exchange, sell, supervise, manage, or retain, through
8-9 procedures and subject to restrictions it establishes and in
8-10 amounts it considers appropriate, any kind of investment, including
8-11 investments in the Texas growth fund created by Article XVI,
8-12 Section 70, of this constitution, that persons of ordinary
8-13 prudence, discretion, and intelligence, exercising the judgment and
8-14 care under the circumstances then prevailing, acquire or retain for
8-15 their own account in the management of their affairs, not in regard
8-16 to speculation but in regard to the permanent disposition of their
8-17 funds, considering the probable income as well as the probable
8-18 safety of their capital. This section does not affect the <state
8-19 treasurer's> custodial responsibilities of the comptroller of
8-20 public accounts for public funds, securities, and other evidences
8-21 of investment.
8-22 SECTION 11. Article VII, Section 17, Subsection (l), of the
8-23 Texas Constitution is amended to read as follows:
8-24 (l) This section is self-enacting upon the issuance of the
8-25 governor's proclamation declaring the adoption of the amendment,
9-1 and the state comptroller of public accounts <and the state
9-2 treasurer> shall do all things necessary to effectuate this
9-3 section. This section does not impair any obligation created by
9-4 the issuance of any bonds and notes in accordance with prior law,
9-5 and all outstanding bonds and notes shall be paid in full, both
9-6 principal and interest, in accordance with their terms. If the
9-7 provisions of this section conflict with any other provisions of
9-8 this constitution, then the provisions of this section shall
9-9 prevail, notwithstanding all such conflicting provisions.
9-10 SECTION 12. Article VII, Section 18, Subsection (j), of the
9-11 Texas Constitution is amended to read as follows:
9-12 (j) This section is self-enacting on the issuance of the
9-13 governor's proclamation declaring the adoption of this amendment,
9-14 and the state comptroller of public accounts <and the state
9-15 treasurer> shall do all things necessary to effectuate this
9-16 section. This section does not impair any obligation created by
9-17 the issuance of bonds or notes in accordance with prior law, and
9-18 all outstanding bonds and notes shall be paid in full, both
9-19 principal and interest, in accordance with their terms, and the
9-20 changes herein made in the allocation of the available university
9-21 fund shall not affect the pledges thereof made in connection with
9-22 such bonds or notes heretofore issued. If the provisions of this
9-23 section conflict with any other provision of this constitution,
9-24 then the provisions of this section shall prevail, notwithstanding
9-25 any such conflicting provisions.
10-1 SECTION 13. Article XV, Section 2, of the Texas Constitution
10-2 is amended to read as follows:
10-3 Sec. 2. Impeachment of the Governor, Lieutenant Governor,
10-4 Attorney General, <Treasurer,> Commissioner of the General Land
10-5 Office, Comptroller and the Judges of the Supreme Court, Court of
10-6 Appeals and District Court shall be tried by the Senate.
10-7 SECTION 14. Article XVI, Section 70, Subsections (h) and
10-8 (q), of the Texas Constitution are amended to read as follows:
10-9 (h) The board of trustees shall establish and operate the
10-10 fund to the extent practical under the generally accepted business
10-11 procedures relating to a mutual fund and shall value the
10-12 investments for determining the purchase or sales price of
10-13 participating shares of investing funds or systems participating in
10-14 the fund consistent with investment contracts. Evidences of
10-15 participation in the fund shall be held by the comptroller of
10-16 public accounts <state treasurer> in keeping with the custodial
10-17 responsibilities of that office.
10-18 (q) This section is self-executing and takes effect on its
10-19 adoption by the voters. All state officials named in this
10-20 section<, the state treasurer,> and the comptroller of public
10-21 accounts shall take all necessary actions for the implementation of
10-22 this section. The legislature shall provide by law for full
10-23 disclosure of all details concerning investments authorized by this
10-24 section.
10-25 SECTION 15. This proposed constitutional amendment shall be
11-1 submitted to the voters at an election to be held November 7, 1995.
11-2 The ballot shall be printed to provide for voting for or against
11-3 the proposition: "The constitutional amendment abolishing the
11-4 office of state treasurer."