By Stiles H.J.R. No. 25
74R2247 JRD-D
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. Article IV of the Texas Constitution is amended
1-5 by adding Section 27 to read as follows:
1-6 Sec. 27. (a) The constitutional office of state treasurer
1-7 is abolished as provided by this section. The office and the
1-8 statutory powers and duties of the office are continued in effect
1-9 until the earlier of January 1, 1999, or a date the legislature
1-10 provides by law. The transfer of specific constitutional powers
1-11 and duties to the comptroller of public accounts under this
1-12 amendment takes effect on the date this amendment takes effect.
1-13 (b) The 75th Legislature by law shall provide for the
1-14 orderly transfer of the statutory powers and duties and the
1-15 property and obligations of the state treasurer to the comptroller
1-16 of public accounts and to other appropriate officers and agencies.
1-17 The law shall provide for the date on which a transfer under this
1-18 subsection is made and the date on which the constitutional office
1-19 of state treasurer is finally abolished. The dates for transfer
1-20 and abolishment under this subsection must be on or before January
1-21 1, 1999. The comptroller of public accounts and the state
1-22 treasurer shall jointly prepare and present to the presiding
1-23 officer of each house of the legislature not later than November 1,
1-24 1996, a plan to assist the 75th Legislature to provide for the
2-1 orderly transfer of the powers, duties, property, and obligations
2-2 of the state treasurer. If the 75th Legislature does not enact a
2-3 bill that becomes law that provides for the transfer under this
2-4 subsection, the comptroller of public accounts shall assume on
2-5 January 1, 1999, all the statutory powers and duties and the
2-6 property and obligations of the state treasurer, subject to
2-7 subsequent modification by the legislature by law.
2-8 (c) The abolishment of the constitutional office of state
2-9 treasurer does not affect the validity of a right, privilege, or
2-10 obligation accrued, any liability incurred, a permit or license
2-11 issued, a penalty, forfeiture, or punishment assessed, a rule
2-12 adopted, a proceeding, investigation, or remedy begun, or other
2-13 action taken by or in connection with the state treasurer.
2-14 (d) This section expires January 1, 1999, unless the 75th
2-15 Legislature does not enact a bill that becomes law that transfers
2-16 all statutory powers and duties and all property and obligations of
2-17 the state treasurer.
2-18 SECTION 2. Article III, Section 49-e, of the Texas
2-19 Constitution is amended to read as follows:
2-20 Sec. 49-e. The Parks and Wildlife Department, or its
2-21 successor vested with the powers, duties, and authority which deals
2-22 with the operation, maintenance, and improvement of State Parks,
2-23 shall have the authority to provide for, issue and sell general
2-24 obligation bonds of the State of Texas in an amount not to exceed
2-25 Seventy-Five Million Dollars ($75,000,000). The bonds authorized
2-26 herein shall be called "Texas Park Development Bonds," shall be
2-27 executed in such form, denominations, and upon such terms as may be
3-1 prescribed by law, provided, however, that the bonds shall bear a
3-2 rate or rates of interest as may be fixed by the Parks and Wildlife
3-3 Department or its successor, but the weighted average annual
3-4 interest rate, as that phrase is commonly and ordinarily used and
3-5 understood in the municipal bond market, of all the bonds issued
3-6 and sold in any installment of any bonds, shall not exceed four and
3-7 one-half percent (4 1/2 %) interest per annum; they may be issued
3-8 in such installments as said Parks and Wildlife Department, or its
3-9 said successor, finds feasible and practical in accomplishing the
3-10 purpose set forth herein.
3-11 All moneys received from the sale of said bonds shall be
3-12 deposited in a fund hereby created with the Comptroller of Public
3-13 Accounts of the State of Texas <State Treasurer> to be known as the
3-14 Texas Park Development Fund to be administered (without further
3-15 appropriation) by the said Parks and Wildlife Department, or its
3-16 said successor, in such manner as prescribed by law.
3-17 Such fund shall be used by said Parks and Wildlife
3-18 Department, or its said successor, under such provisions as the
3-19 Legislature may prescribe by general law, for the purposes of
3-20 acquiring lands from the United States, or any governmental agency
3-21 thereof, from any governmental agency of the State of Texas, or
3-22 from any person, firm, or corporation, for State Park Sites and for
3-23 developing said sites as State Parks.
3-24 While any of the bonds authorized by this provision, or any
3-25 interest on any such bonds, is outstanding and unpaid, there is
3-26 hereby appropriated out of the first moneys coming into the
3-27 Treasury in each fiscal year, not otherwise appropriated by this
4-1 Constitution, an amount which is sufficient to pay the principal
4-2 and interest on such bonds that mature or become due during such
4-3 fiscal year, less the amount in the interest and sinking fund at
4-4 the close of the prior fiscal year, which includes any receipts
4-5 derived during the prior fiscal year by said Parks and Wildlife
4-6 Department, or its said successor, from admission charges to State
4-7 Parks, as the Legislature may prescribe by general law.
4-8 The Legislature may provide for the investment of moneys
4-9 available in the Texas Park Development Fund and the interest and
4-10 sinking fund established for the payment of bonds issued by said
4-11 Parks and Wildlife Department, or its said successor. Income from
4-12 such investment shall be used for the purposes prescribed by the
4-13 Legislature.
4-14 From the moneys received by said Parks and Wildlife
4-15 Department, or its said successor, from the sale of the bonds
4-16 issued hereunder, there shall be deposited in the interest and
4-17 sinking fund for the bonds authorized by this section sufficient
4-18 moneys to pay the interest to become due during the State fiscal
4-19 year in which the bonds were issued. After all bonds have been
4-20 fully paid with interest, or after there are on deposit in the
4-21 interest and sinking fund sufficient moneys to pay all future
4-22 maturities of principal and interest, additional moneys received
4-23 from admission charges to State Parks shall be deposited to the
4-24 State Parks Fund, or any successor fund which may be established by
4-25 the Legislature as a depository for Park revenue earned by said
4-26 Parks and Wildlife Department, or its said successor.
4-27 All bonds issued hereunder shall after approval by the
5-1 Attorney General, registration by the Comptroller of Public
5-2 Accounts of the State of Texas, and delivery to the purchasers, be
5-3 incontestable and shall constitute general obligations of the State
5-4 of Texas under the Constitution of Texas.
5-5 Should the Legislature enact enabling laws in anticipation of
5-6 the adoption of this amendment, such Acts shall not be void by
5-7 reason of their anticipatory nature.
5-8 SECTION 3. Article III, Section 49-f, Subsection (b), of the
5-9 Texas Constitution is amended to read as follows:
5-10 (b) All money received from the sale of the bonds shall be
5-11 deposited in a fund created with the comptroller of public accounts
5-12 <state treasurer> to be known as the farm and ranch finance program
5-13 fund. This fund shall be administered by the Veterans' Land Board
5-14 in the manner prescribed by law.
5-15 SECTION 4. Article III, Section 49-g, Subsections (i) and
5-16 (j), of the Texas Constitution, as proposed by H.J.R. No. 2, 70th
5-17 Legislature, Regular Session, 1987, are amended to read as follows:
5-18 (i) The comptroller <state treasurer> shall credit to
5-19 general revenue interest due to the economic stabilization fund
5-20 that would result in an amount in the economic stabilization fund
5-21 that exceeds the limit in effect under Subsection (g) of this
5-22 section.
5-23 (j) The comptroller<, with the consent of the state
5-24 treasurer,> may transfer money from the economic stabilization fund
5-25 to general revenue to prevent or eliminate a temporary cash
5-26 deficiency in general revenue. The comptroller shall return the
5-27 amount transferred to the economic stabilization fund as soon as
6-1 practicable, but not later than August 31 of each odd-numbered
6-2 year. The comptroller <state treasurer> shall allocate the
6-3 depository interest as if the transfers had not been made. If the
6-4 comptroller submits a statement to the governor and the legislature
6-5 under Article III, Section 49a, of this constitution when money
6-6 from the economic stabilization fund is in general revenue, the
6-7 comptroller shall state that the transferred money is not available
6-8 for appropriation from general revenue.
6-9 SECTION 5. Article III, Section 50c, Subsection (b), of the
6-10 Texas Constitution is amended to read as follows:
6-11 (b) All money received from the sale of Farm and Ranch Loan
6-12 Security Bonds shall be deposited in a fund hereby created with the
6-13 comptroller of public accounts <State Treasurer> to be known as the
6-14 "Farm and Ranch Loan Security Fund." This fund shall be
6-15 administered without further appropriation by the commissioner of
6-16 agriculture in the manner prescribed by law.
6-17 SECTION 6. Article III, Section 61, of the Texas
6-18 Constitution, as proposed by S.J.R. No. 5, 53rd Legislature,
6-19 Regular Session, 1953, is amended to read as follows:
6-20 Sec. 61. The Legislature shall not fix the salary of the
6-21 Governor, Attorney General, Comptroller of Public Accounts, <the
6-22 Treasurer,> Commissioner of the General Land Office or Secretary of
6-23 State at a sum less than that fixed for such officials in the
6-24 Constitution on January 1, 1953.
6-25 SECTION 7. Article IV, Section 1, of the Texas Constitution
6-26 is amended to read as follows:
6-27 Sec. 1. The Executive Department of the State shall consist
7-1 of a Governor, who shall be the Chief Executive Officer of the
7-2 State, a Lieutenant Governor, Secretary of State, Comptroller of
7-3 Public Accounts, <Treasurer,> Commissioner of the General Land
7-4 Office, and Attorney General.
7-5 SECTION 8. Article IV, Section 23, of the Texas Constitution
7-6 is amended to read as follows:
7-7 Sec. 23. The Comptroller of Public Accounts, <the
7-8 Treasurer,> the Commissioner of the General Land Office, and any
7-9 statutory State officer who is elected by the electorate of Texas
7-10 at large, unless a term of office is otherwise specifically
7-11 provided in this Constitution, shall each hold office for the term
7-12 of four years and until his successor is qualified. The four-year
7-13 term applies to these officers who are elected at the general
7-14 election in 1974 or thereafter. Each shall receive an annual
7-15 salary in an amount to be fixed by the Legislature; reside at the
7-16 Capital of the State during his continuance in office, and perform
7-17 such duties as are or may be required by law. They and the
7-18 Secretary of State shall not receive to their own use any fees,
7-19 costs or perquisites of office. All fees that may be payable by
7-20 law for any service performed by any officer specified in this
7-21 section or in his office, shall be paid, when received, into the
7-22 State Treasury.
7-23 SECTION 9. Article VII, Section 4, of the Texas Constitution
7-24 is amended to read as follows:
7-25 Sec. 4. The lands herein set apart to the Public Free School
7-26 fund, shall be sold under such regulations, at such times, and on
7-27 such terms as may be prescribed by law; and the Legislature shall
8-1 not have power to grant any relief to purchasers thereof. The
8-2 proceeds of such sales must be used to acquire other land for the
8-3 Public Free School fund as provided by law or the proceeds shall be
8-4 invested by the comptroller of public accounts <treasurer>, as may
8-5 be directed by the Board of Education herein provided for, in the
8-6 bonds of the United States, the State of Texas, or counties in said
8-7 State, or in such other securities, and under such restrictions as
8-8 may be prescribed by law; and the State shall be responsible for
8-9 all investments.
8-10 SECTION 10. Article VII, Section 11b, of the Texas
8-11 Constitution is amended to read as follows:
8-12 Sec. 11b. Notwithstanding any other provision of this
8-13 constitution, in managing the assets of the permanent university
8-14 fund, the Board of Regents of The University of Texas System may
8-15 acquire, exchange, sell, supervise, manage, or retain, through
8-16 procedures and subject to restrictions it establishes and in
8-17 amounts it considers appropriate, any kind of investment, including
8-18 investments in the Texas growth fund created by Article XVI,
8-19 Section 70, of this constitution, that persons of ordinary
8-20 prudence, discretion, and intelligence, exercising the judgment and
8-21 care under the circumstances then prevailing, acquire or retain for
8-22 their own account in the management of their affairs, not in regard
8-23 to speculation but in regard to the permanent disposition of their
8-24 funds, considering the probable income as well as the probable
8-25 safety of their capital. This section does not affect the <state
8-26 treasurer's> custodial responsibilities of the comptroller of
8-27 public accounts for public funds, securities, and other evidences
9-1 of investment.
9-2 SECTION 11. Article VII, Section 17, Subsection (l), of the
9-3 Texas Constitution is amended to read as follows:
9-4 (l) This section is self-enacting upon the issuance of the
9-5 governor's proclamation declaring the adoption of the amendment,
9-6 and the state comptroller of public accounts <and the state
9-7 treasurer> shall do all things necessary to effectuate this
9-8 section. This section does not impair any obligation created by
9-9 the issuance of any bonds and notes in accordance with prior law,
9-10 and all outstanding bonds and notes shall be paid in full, both
9-11 principal and interest, in accordance with their terms. If the
9-12 provisions of this section conflict with any other provisions of
9-13 this constitution, then the provisions of this section shall
9-14 prevail, notwithstanding all such conflicting provisions.
9-15 SECTION 12. Article VII, Section 18, Subsection (j), of the
9-16 Texas Constitution is amended to read as follows:
9-17 (j) This section is self-enacting on the issuance of the
9-18 governor's proclamation declaring the adoption of this amendment,
9-19 and the state comptroller of public accounts <and the state
9-20 treasurer> shall do all things necessary to effectuate this
9-21 section. This section does not impair any obligation created by
9-22 the issuance of bonds or notes in accordance with prior law, and
9-23 all outstanding bonds and notes shall be paid in full, both
9-24 principal and interest, in accordance with their terms, and the
9-25 changes herein made in the allocation of the available university
9-26 fund shall not affect the pledges thereof made in connection with
9-27 such bonds or notes heretofore issued. If the provisions of this
10-1 section conflict with any other provision of this constitution,
10-2 then the provisions of this section shall prevail, notwithstanding
10-3 any such conflicting provisions.
10-4 SECTION 13. Article XV, Section 2, of the Texas Constitution
10-5 is amended to read as follows:
10-6 Sec. 2. Impeachment of the Governor, Lieutenant Governor,
10-7 Attorney General, <Treasurer,> Commissioner of the General Land
10-8 Office, Comptroller and the Judges of the Supreme Court, Court of
10-9 Appeals and District Court shall be tried by the Senate.
10-10 SECTION 14. Article XVI, Section 70, Subsections (h) and
10-11 (q), of the Texas Constitution are amended to read as follows:
10-12 (h) The board of trustees shall establish and operate the
10-13 fund to the extent practical under the generally accepted business
10-14 procedures relating to a mutual fund and shall value the
10-15 investments for determining the purchase or sales price of
10-16 participating shares of investing funds or systems participating in
10-17 the fund consistent with investment contracts. Evidences of
10-18 participation in the fund shall be held by the comptroller of
10-19 public accounts <state treasurer> in keeping with the custodial
10-20 responsibilities of that office.
10-21 (q) This section is self-executing and takes effect on its
10-22 adoption by the voters. All state officials named in this
10-23 section<, the state treasurer,> and the comptroller of public
10-24 accounts shall take all necessary actions for the implementation of
10-25 this section. The legislature shall provide by law for full
10-26 disclosure of all details concerning investments authorized by this
10-27 section.
11-1 SECTION 15. This proposed constitutional amendment shall be
11-2 submitted to the voters at an election to be held November 7, 1995.
11-3 The ballot shall be printed to provide for voting for or against
11-4 the proposition: "The constitutional amendment abolishing the
11-5 elective office of state treasurer and requiring the legislature to
11-6 provide by law for the orderly transfer of the treasurer's powers,
11-7 duties, property, and obligations to the comptroller of public
11-8 accounts and other appropriate officers and agencies."