74R13477 JRD-F
By Ellis S.J.R. No. 1
Substitute the following for S.J.R. No. 1:
By Seidlits C.S.S.J.R. No. 1
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 effective September 1, 1997. The transfer of specific
1-12 constitutional powers and duties to the comptroller of public
1-13 accounts under the constitutional amendment takes effect on that
1-14 date. The statutory powers and duties and the property and other
1-15 obligations of the state treasurer are transferred to officers and
1-16 agencies of state government in the manner that the legislature
1-17 provides by general law.
1-18 (c) This temporary provision expires September 1, 1997.
1-19 SECTION 2. Section 49-e, Article III, Texas Constitution, is
1-20 amended to read as follows:
1-21 Sec. 49-e. The Parks and Wildlife Department, or its
1-22 successor vested with the powers, duties, and authority which deals
1-23 with the operation, maintenance, and improvement of State Parks,
1-24 shall have the authority to provide for, issue and sell general
2-1 obligation bonds of the State of Texas in an amount not to exceed
2-2 Seventy-Five Million Dollars ($75,000,000). The bonds authorized
2-3 herein shall be called "Texas Park Development Bonds," shall be
2-4 executed in such form, denominations, and upon such terms as may be
2-5 prescribed by law, provided, however, that the bonds shall bear a
2-6 rate or rates of interest as may be fixed by the Parks and Wildlife
2-7 Department or its successor, but the weighted average annual
2-8 interest rate, as that phrase is commonly and ordinarily used and
2-9 understood in the municipal bond market, of all the bonds issued
2-10 and sold in any installment of any bonds, shall not exceed four and
2-11 one-half percent (4 1/2%) interest per annum; they may be issued in
2-12 such installments as said Parks and Wildlife Department, or its
2-13 said successor, finds feasible and practical in accomplishing the
2-14 purpose set forth herein.
2-15 All moneys received from the sale of said bonds shall be
2-16 deposited in a fund hereby created with the Comptroller of Public
2-17 Accounts of the State of Texas <State Treasurer> to be known as the
2-18 Texas Park Development Fund to be administered (without further
2-19 appropriation) by the said Parks and Wildlife Department, or its
2-20 said successor, in such manner as prescribed by law.
2-21 Such fund shall be used by said Parks and Wildlife
2-22 Department, or its said successor, under such provisions as the
2-23 Legislature may prescribe by general law, for the purposes of
2-24 acquiring lands from the United States, or any governmental agency
2-25 thereof, from any governmental agency of the State of Texas, or
2-26 from any person, firm, or corporation, for State Park Sites and for
2-27 developing said sites as State Parks.
3-1 While any of the bonds authorized by this provision, or any
3-2 interest on any such bonds, is outstanding and unpaid, there is
3-3 hereby appropriated out of the first moneys coming into the
3-4 Treasury in each fiscal year, not otherwise appropriated by this
3-5 Constitution, an amount which is sufficient to pay the principal
3-6 and interest on such bonds that mature or become due during such
3-7 fiscal year, less the amount in the interest and sinking fund at
3-8 the close of the prior fiscal year, which includes any receipts
3-9 derived during the prior fiscal year by said Parks and Wildlife
3-10 Department, or its said successor, from admission charges to State
3-11 Parks, as the Legislature may prescribe by general law.
3-12 The Legislature may provide for the investment of moneys
3-13 available in the Texas Park Development Fund and the interest and
3-14 sinking fund established for the payment of bonds issued by said
3-15 Parks and Wildlife Department, or its said successor. Income from
3-16 such investment shall be used for the purposes prescribed by the
3-17 Legislature.
3-18 From the moneys received by said Parks and Wildlife
3-19 Department, or its said successor, from the sale of the bonds
3-20 issued hereunder, there shall be deposited in the interest and
3-21 sinking fund for the bonds authorized by this section sufficient
3-22 moneys to pay the interest to become due during the State fiscal
3-23 year in which the bonds were issued. After all bonds have been
3-24 fully paid with interest, or after there are on deposit in the
3-25 interest and sinking fund sufficient moneys to pay all future
3-26 maturities of principal and interest, additional moneys received
3-27 from admission charges to State Parks shall be deposited to the
4-1 State Parks Fund, or any successor fund which may be established by
4-2 the Legislature as a depository for Park revenue earned by said
4-3 Parks and Wildlife Department, or its said successor.
4-4 All bonds issued hereunder shall after approval by the
4-5 Attorney General, registration by the Comptroller of Public
4-6 Accounts of the State of Texas, and delivery to the purchasers, be
4-7 incontestable and shall constitute general obligations of the State
4-8 of Texas under the Constitution of Texas.
4-9 Should the Legislature enact enabling laws in anticipation of
4-10 the adoption of this amendment, such Acts shall not be void by
4-11 reason of their anticipatory nature.
4-12 SECTION 3. Subsection (b), Section 49-f, Article III, Texas
4-13 Constitution, is amended to read as follows:
4-14 (b) All money received from the sale of the bonds shall be
4-15 deposited in a fund created with the comptroller of public accounts
4-16 <state treasurer> to be known as the farm and ranch finance program
4-17 fund. This fund shall be administered by the Veterans' Land Board
4-18 in the manner prescribed by law.
4-19 SECTION 4. Subsections (i) and (j), Section 49-g, Article
4-20 III, Texas Constitution, as proposed by H.J.R. No. 2, 70th
4-21 Legislature, Regular Session, 1987, are amended to read as follows:
4-22 (i) The comptroller <state treasurer> shall credit to
4-23 general revenue interest due to the economic stabilization fund
4-24 that would result in an amount in the economic stabilization fund
4-25 that exceeds the limit in effect under Subsection (g) of this
4-26 section.
4-27 (j) The comptroller<, with the consent of the state
5-1 treasurer,> may transfer money from the economic stabilization fund
5-2 to general revenue to prevent or eliminate a temporary cash
5-3 deficiency in general revenue. The comptroller shall return the
5-4 amount transferred to the economic stabilization fund as soon as
5-5 practicable, but not later than August 31 of each odd-numbered
5-6 year. The comptroller <state treasurer> shall allocate the
5-7 depository interest as if the transfers had not been made. If the
5-8 comptroller submits a statement to the governor and the legislature
5-9 under Article III, Section 49a, of this constitution when money
5-10 from the economic stabilization fund is in general revenue, the
5-11 comptroller shall state that the transferred money is not available
5-12 for appropriation from general revenue.
5-13 SECTION 5. Subsection (b), Section 50c, Article III, Texas
5-14 Constitution, is amended to read as follows:
5-15 (b) All money received from the sale of Farm and Ranch Loan
5-16 Security Bonds shall be deposited in a fund hereby created with the
5-17 comptroller of public accounts <State Treasurer> to be known as the
5-18 "Farm and Ranch Loan Security Fund." This fund shall be
5-19 administered without further appropriation by the commissioner of
5-20 agriculture in the manner prescribed by law.
5-21 SECTION 6. Section 61, Article III, Texas Constitution, as
5-22 proposed by S.J.R. No. 5, 53rd Legislature, Regular Session, 1953,
5-23 is amended to read as follows:
5-24 Sec. 61. The Legislature shall not fix the salary of the
5-25 Governor, Attorney General, Comptroller of Public Accounts, <the
5-26 Treasurer,> Commissioner of the General Land Office or Secretary of
5-27 State at a sum less than that fixed for such officials in the
6-1 Constitution on January 1, 1953.
6-2 SECTION 7. Section 1, Article IV, Texas Constitution, is
6-3 amended to read as follows:
6-4 Sec. 1. The Executive Department of the State shall consist
6-5 of a Governor, who shall be the Chief Executive Officer of the
6-6 State, a Lieutenant Governor, Secretary of State, Comptroller of
6-7 Public Accounts, <Treasurer,> Commissioner of the General Land
6-8 Office, and Attorney General.
6-9 SECTION 8. Section 23, Article IV, Texas Constitution, is
6-10 amended to read as follows:
6-11 Sec. 23. The comptroller of Public Accounts, <the
6-12 Treasurer,> the Commissioner of the General Land Office, and any
6-13 statutory State officer who is elected by the electorate of Texas
6-14 at large, unless a term of office is otherwise specifically
6-15 provided in this Constitution, shall each hold office for the term
6-16 of four years and until his successor is qualified. The four-year
6-17 term applies to these officers who are elected at the general
6-18 election in 1974 or thereafter. Each shall receive an annual
6-19 salary in an amount to be fixed by the Legislature; reside at the
6-20 Capital of the State during his continuance in office, and perform
6-21 such duties as are or may be required by law. They and the
6-22 Secretary of State shall not receive to their own use any fees,
6-23 costs or perquisites of office. All fees that may be payable by
6-24 law for any service performed by any officer specified in this
6-25 section or in his office, shall be paid, when received, into the
6-26 State Treasury.
6-27 SECTION 9. Section 4, Article VII, Texas Constitution, is
7-1 amended to read as follows:
7-2 Sec. 4. The lands herein set apart to the Public Free School
7-3 fund, shall be sold under such regulations, at such times, and on
7-4 such terms as may be prescribed by law; and the Legislature shall
7-5 not have power to grant any relief to purchasers thereof. The
7-6 proceeds of such sales must be used to acquire other land for the
7-7 Public Free School fund as provided by law or the proceeds shall be
7-8 invested by the comptroller of public accounts <treasurer>, as may
7-9 be directed by the Board of Education herein provided for, in the
7-10 bonds of the United States, the State of Texas, or counties in said
7-11 State, or in such other securities, and under such restrictions as
7-12 may be prescribed by law; and the State shall be responsible for
7-13 all investments.
7-14 SECTION 10. Section 11b, Article VII, Texas Constitution, is
7-15 amended to read as follows:
7-16 Sec. 11b. Notwithstanding any other provision of this
7-17 constitution, in managing the assets of the permanent university
7-18 fund, the Board of Regents of The University of Texas System may
7-19 acquire, exchange, sell, supervise, manage, or retain, through
7-20 procedures and subject to restrictions it establishes and in
7-21 amounts it considers appropriate, any kind of investment, including
7-22 investments in the Texas growth fund created by Article XVI,
7-23 Section 70, of this constitution, that persons of ordinary
7-24 prudence, discretion, and intelligence, exercising the judgment and
7-25 care under the circumstances then prevailing, acquire or retain for
7-26 their own account in the management of their affairs, not in regard
7-27 to speculation but in regard to the permanent disposition of their
8-1 funds, considering the probable income as well as the probable
8-2 safety of their capital. This section does not affect the <state
8-3 treasurer's> custodial responsibilities of the comptroller of
8-4 public accounts for public funds, securities, and other evidences
8-5 of investment.
8-6 SECTION 11. Subsection (l), Section 17, Article VII, Texas
8-7 Constitution, is amended to read as follows:
8-8 (l) This section is self-enacting upon the issuance of the
8-9 governor's proclamation declaring the adoption of the amendment,
8-10 and the state comptroller of public accounts <and the state
8-11 treasurer> shall do all things necessary to effectuate this
8-12 section. This section does not impair any obligation created by
8-13 the issuance of any bonds and notes in accordance with prior law,
8-14 and all outstanding bonds and notes shall be paid in full, both
8-15 principal and interest, in accordance with their terms. If the
8-16 provisions of this section conflict with any other provisions of
8-17 this constitution, then the provisions of this section shall
8-18 prevail, notwithstanding all such conflicting provisions.
8-19 SECTION 12. Subsection (j), Section 18, Article VII, Texas
8-20 Constitution, is amended to read as follows:
8-21 (j) This section is self-enacting on the issuance of the
8-22 governor's proclamation declaring the adoption of this amendment,
8-23 and the state comptroller of public accounts <and the state
8-24 treasurer> shall do all things necessary to effectuate this
8-25 section. This section does not impair any obligation created by
8-26 the issuance of bonds or notes in accordance with prior law, and
8-27 all outstanding bonds and notes shall be paid in full, both
9-1 principal and interest, in accordance with their terms, and the
9-2 changes herein made in the allocation of the available university
9-3 fund shall not affect the pledges thereof made in connection with
9-4 such bonds or notes heretofore issued. If the provisions of this
9-5 section conflict with any other provision of this constitution,
9-6 then the provisions of this section shall prevail, notwithstanding
9-7 any such conflicting provisions.
9-8 SECTION 13. Section 2, Article XV, Texas Constitution, is
9-9 amended to read as follows:
9-10 Sec. 2. Impeachment of the Governor, Lieutenant Governor,
9-11 Attorney General, <Treasurer,> Commissioner of the General Land
9-12 Office, Comptroller and the Judges of the Supreme Court, Court of
9-13 Appeals and District Court shall be tried by the Senate.
9-14 SECTION 14. Subsections (h) and (q), Section 70, Article
9-15 XVI, Texas Constitution, are amended to read as follows:
9-16 (h) The board of trustees shall establish and operate the
9-17 fund to the extent practical under the generally accepted business
9-18 procedures relating to a mutual fund and shall value the
9-19 investments for determining the purchase or sales price of
9-20 participating shares of investing funds or systems participating in
9-21 the fund consistent with investment contracts. Evidences of
9-22 participation in the fund shall be held by the comptroller of
9-23 public accounts <state treasurer> in keeping with the custodial
9-24 responsibilities of that office.
9-25 (q) This section is self-executing and takes effect on its
9-26 adoption by the voters. All state officials named in this
9-27 section<, the state treasurer,> and the comptroller of public
10-1 accounts shall take all necessary actions for the implementation of
10-2 this section. The legislature shall provide by law for full
10-3 disclosure of all details concerning investments authorized by this
10-4 section.
10-5 SECTION 15. This proposed constitutional amendment shall be
10-6 submitted to the voters at an election to be held November 5, 1996.
10-7 The ballot shall be printed to permit voting for or against the
10-8 proposition: "The constitutional amendment abolishing the office
10-9 of state treasurer."