1-1 By: Ellis S.J.R. No. 1
1-2 (In the Senate - Filed March 1, 1995; March 2, 1995, read
1-3 first time and referred to Committee on State Affairs;
1-4 March 9, 1995, reported favorably, as amended, by the following
1-5 vote: Yeas 7, Nays 6; March 9, 1995, sent to printer.)
1-6 COMMITTEE AMENDMENT NO. 1 By: Rosson
1-7 Amend S.J.R. No. 1, in SECTION 1, Subsection (b), by striking
1-8 "August 31, 1996" and inserting "September 1, 1996" in lieu
1-9 thereof.
1-10 SENATE JOINT RESOLUTION
1-11 proposing a constitutional amendment abolishing the office of state
1-12 treasurer.
1-13 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-14 SECTION 1. The following temporary provision is added to the
1-15 Texas Constitution:
1-16 TEMPORARY PROVISION. (a) This temporary provision applies
1-17 to the constitutional amendment proposed by the 74th Legislature,
1-18 Regular Session, 1995, abolishing the constitutional office of
1-19 state treasurer.
1-20 (b) The constitutional office of state treasurer is
1-21 abolished effective August 31, 1996. The transfer of specific
1-22 constitutional powers and duties to the comptroller of public
1-23 accounts under the constitutional amendment takes effect on that
1-24 date. The statutory powers and duties and the property and other
1-25 obligations of the state treasurer are transferred to officers and
1-26 agencies of state government in the manner that the legislature
1-27 provides by general law.
1-28 (c) This temporary provision expires September 1, 1997.
1-29 SECTION 2. Section 49-e, Article III, Texas Constitution, is
1-30 amended to read as follows:
1-31 Sec. 49-e. The Parks and Wildlife Department, or its
1-32 successor vested with the powers, duties, and authority which deals
1-33 with the operation, maintenance, and improvement of State Parks,
1-34 shall have the authority to provide for, issue and sell general
1-35 obligation bonds of the State of Texas in an amount not to exceed
1-36 Seventy-Five Million Dollars ($75,000,000). The bonds authorized
1-37 herein shall be called "Texas Park Development Bonds," shall be
1-38 executed in such form, denominations, and upon such terms as may be
1-39 prescribed by law, provided, however, that the bonds shall bear a
1-40 rate or rates of interest as may be fixed by the Parks and Wildlife
1-41 Department or its successor, but the weighted average annual
1-42 interest rate, as that phrase is commonly and ordinarily used and
1-43 understood in the municipal bond market, of all the bonds issued
1-44 and sold in any installment of any bonds, shall not exceed four and
1-45 one-half percent (4 1/2%) interest per annum; they may be issued in
1-46 such installments as said Parks and Wildlife Department, or its
1-47 said successor, finds feasible and practical in accomplishing the
1-48 purpose set forth herein.
1-49 All moneys received from the sale of said bonds shall be
1-50 deposited in a fund hereby created with the Comptroller of Public
1-51 Accounts of the State of Texas <State Treasurer> to be known as the
1-52 Texas Park Development Fund to be administered (without further
1-53 appropriation) by the said Parks and Wildlife Department, or its
1-54 said successor, in such manner as prescribed by law.
1-55 Such fund shall be used by said Parks and Wildlife
1-56 Department, or its said successor, under such provisions as the
1-57 Legislature may prescribe by general law, for the purposes of
1-58 acquiring lands from the United States, or any governmental agency
1-59 thereof, from any governmental agency of the State of Texas, or
1-60 from any person, firm, or corporation, for State Park Sites and for
1-61 developing said sites as State Parks.
1-62 While any of the bonds authorized by this provision, or any
1-63 interest on any such bonds, is outstanding and unpaid, there is
1-64 hereby appropriated out of the first moneys coming into the
1-65 Treasury in each fiscal year, not otherwise appropriated by this
1-66 Constitution, an amount which is sufficient to pay the principal
1-67 and interest on such bonds that mature or become due during such
1-68 fiscal year, less the amount in the interest and sinking fund at
2-1 the close of the prior fiscal year, which includes any receipts
2-2 derived during the prior fiscal year by said Parks and Wildlife
2-3 Department, or its said successor, from admission charges to State
2-4 Parks, as the Legislature may prescribe by general law.
2-5 The Legislature may provide for the investment of moneys
2-6 available in the Texas Park Development Fund and the interest and
2-7 sinking fund established for the payment of bonds issued by said
2-8 Parks and Wildlife Department, or its said successor. Income from
2-9 such investment shall be used for the purposes prescribed by the
2-10 Legislature.
2-11 From the moneys received by said Parks and Wildlife
2-12 Department, or its said successor, from the sale of the bonds
2-13 issued hereunder, there shall be deposited in the interest and
2-14 sinking fund for the bonds authorized by this section sufficient
2-15 moneys to pay the interest to become due during the State fiscal
2-16 year in which the bonds were issued. After all bonds have been
2-17 fully paid with interest, or after there are on deposit in the
2-18 interest and sinking fund sufficient moneys to pay all future
2-19 maturities of principal and interest, additional moneys received
2-20 from admission charges to State Parks shall be deposited to the
2-21 State Parks Fund, or any successor fund which may be established by
2-22 the Legislature as a depository for Park revenue earned by said
2-23 Parks and Wildlife Department, or its said successor.
2-24 All bonds issued hereunder shall after approval by the
2-25 Attorney General, registration by the Comptroller of Public
2-26 Accounts of the State of Texas, and delivery to the purchasers, be
2-27 incontestable and shall constitute general obligations of the State
2-28 of Texas under the Constitution of Texas.
2-29 Should the Legislature enact enabling laws in anticipation of
2-30 the adoption of this amendment, such Acts shall not be void by
2-31 reason of their anticipatory nature.
2-32 SECTION 3. Subsection (b), Section 49-f, Article III, Texas
2-33 Constitution, is amended to read as follows:
2-34 (b) All money received from the sale of the bonds shall be
2-35 deposited in a fund created with the comptroller of public accounts
2-36 <state treasurer> to be known as the farm and ranch finance program
2-37 fund. This fund shall be administered by the Veterans' Land Board
2-38 in the manner prescribed by law.
2-39 SECTION 4. Subsections (i) and (j), Section 49-g, Article
2-40 III, Texas Constitution, as proposed by H.J.R. No. 2, 70th
2-41 Legislature, Regular Session, 1987, are amended to read as follows:
2-42 (i) The comptroller <state treasurer> shall credit to
2-43 general revenue interest due to the economic stabilization fund
2-44 that would result in an amount in the economic stabilization fund
2-45 that exceeds the limit in effect under Subsection (g) of this
2-46 section.
2-47 (j) The comptroller<, with the consent of the state
2-48 treasurer,> may transfer money from the economic stabilization fund
2-49 to general revenue to prevent or eliminate a temporary cash
2-50 deficiency in general revenue. The comptroller shall return the
2-51 amount transferred to the economic stabilization fund as soon as
2-52 practicable, but not later than August 31 of each odd-numbered
2-53 year. The comptroller <state treasurer> shall allocate the
2-54 depository interest as if the transfers had not been made. If the
2-55 comptroller submits a statement to the governor and the legislature
2-56 under Article III, Section 49a, of this constitution when money
2-57 from the economic stabilization fund is in general revenue, the
2-58 comptroller shall state that the transferred money is not available
2-59 for appropriation from general revenue.
2-60 SECTION 5. Subsection (b), Section 50c, Article III, Texas
2-61 Constitution, is amended to read as follows:
2-62 (b) All money received from the sale of Farm and Ranch Loan
2-63 Security Bonds shall be deposited in a fund hereby created with the
2-64 comptroller of public accounts <State Treasurer> to be known as the
2-65 "Farm and Ranch Loan Security Fund." This fund shall be
2-66 administered without further appropriation by the commissioner of
2-67 agriculture in the manner prescribed by law.
2-68 SECTION 6. Section 61, Article III, Texas Constitution, as
2-69 proposed by S.J.R. No. 5, 53rd Legislature, Regular Session, 1953,
2-70 is amended to read as follows:
3-1 Sec. 61. The Legislature shall not fix the salary of the
3-2 Governor, Attorney General, Comptroller of Public Accounts, <the
3-3 Treasurer,> Commissioner of the General Land Office or Secretary of
3-4 State at a sum less than that fixed for such officials in the
3-5 Constitution on January 1, 1953.
3-6 SECTION 7. Section 1, Article IV, Texas Constitution, is
3-7 amended to read as follows:
3-8 Sec. 1. The Executive Department of the State shall consist
3-9 of a Governor, who shall be the Chief Executive Officer of the
3-10 State, a Lieutenant Governor, Secretary of State, Comptroller of
3-11 Public Accounts, <Treasurer,> Commissioner of the General Land
3-12 Office, and Attorney General.
3-13 SECTION 8. Section 23, Article IV, Texas Constitution, is
3-14 amended to read as follows:
3-15 Sec. 23. The comptroller of Public Accounts, <the
3-16 Treasurer,> the Commissioner of the General Land Office, and any
3-17 statutory State officer who is elected by the electorate of Texas
3-18 at large, unless a term of office is otherwise specifically
3-19 provided in this Constitution, shall each hold office for the term
3-20 of four years and until his successor is qualified. The four-year
3-21 term applies to these officers who are elected at the general
3-22 election in 1974 or thereafter. Each shall receive an annual
3-23 salary in an amount to be fixed by the Legislature; reside at the
3-24 Capital of the State during his continuance in office, and perform
3-25 such duties as are or may be required by law. They and the
3-26 Secretary of State shall not receive to their own use any fees,
3-27 costs or perquisites of office. All fees that may be payable by
3-28 law for any service performed by any officer specified in this
3-29 section or in his office, shall be paid, when received, into the
3-30 State Treasury.
3-31 SECTION 9. Section 4, Article VII, Texas Constitution, is
3-32 amended to read as follows:
3-33 Sec. 4. The lands herein set apart to the Public Free School
3-34 fund, shall be sold under such regulations, at such times, and on
3-35 such terms as may be prescribed by law; and the Legislature shall
3-36 not have power to grant any relief to purchasers thereof. The
3-37 proceeds of such sales must be used to acquire other land for the
3-38 Public Free School fund as provided by law or the proceeds shall be
3-39 invested by the comptroller of public accounts <treasurer>, as may
3-40 be directed by the Board of Education herein provided for, in the
3-41 bonds of the United States, the State of Texas, or counties in said
3-42 State, or in such other securities, and under such restrictions as
3-43 may be prescribed by law; and the State shall be responsible for
3-44 all investments.
3-45 SECTION 10. Section 11b, Article VII, Texas Constitution, is
3-46 amended to read as follows:
3-47 Sec. 11b. Notwithstanding any other provision of this
3-48 constitution, in managing the assets of the permanent university
3-49 fund, the Board of Regents of The University of Texas System may
3-50 acquire, exchange, sell, supervise, manage, or retain, through
3-51 procedures and subject to restrictions it establishes and in
3-52 amounts it considers appropriate, any kind of investment, including
3-53 investments in the Texas growth fund created by Article XVI,
3-54 Section 70, of this constitution, that persons of ordinary
3-55 prudence, discretion, and intelligence, exercising the judgment and
3-56 care under the circumstances then prevailing, acquire or retain for
3-57 their own account in the management of their affairs, not in regard
3-58 to speculation but in regard to the permanent disposition of their
3-59 funds, considering the probable income as well as the probable
3-60 safety of their capital. This section does not affect the <state
3-61 treasurer's> custodial responsibilities of the comptroller of
3-62 public accounts for public funds, securities, and other evidences
3-63 of investment.
3-64 SECTION 11. Subsection (l), Section 17, Article VII, Texas
3-65 Constitution, is amended to read as follows:
3-66 (l) This section is self-enacting upon the issuance of the
3-67 governor's proclamation declaring the adoption of the amendment,
3-68 and the state comptroller of public accounts <and the state
3-69 treasurer> shall do all things necessary to effectuate this
3-70 section. This section does not impair any obligation created by
4-1 the issuance of any bonds and notes in accordance with prior law,
4-2 and all outstanding bonds and notes shall be paid in full, both
4-3 principal and interest, in accordance with their terms. If the
4-4 provisions of this section conflict with any other provisions of
4-5 this constitution, then the provisions of this section shall
4-6 prevail, notwithstanding all such conflicting provisions.
4-7 SECTION 12. Subsection (j), Section 18, Article VII, Texas
4-8 Constitution, is amended to read as follows:
4-9 (j) This section is self-enacting on the issuance of the
4-10 governor's proclamation declaring the adoption of this amendment,
4-11 and the state comptroller of public accounts <and the state
4-12 treasurer> shall do all things necessary to effectuate this
4-13 section. This section does not impair any obligation created by
4-14 the issuance of bonds or notes in accordance with prior law, and
4-15 all outstanding bonds and notes shall be paid in full, both
4-16 principal and interest, in accordance with their terms, and the
4-17 changes herein made in the allocation of the available university
4-18 fund shall not affect the pledges thereof made in connection with
4-19 such bonds or notes heretofore issued. If the provisions of this
4-20 section conflict with any other provision of this constitution,
4-21 then the provisions of this section shall prevail, notwithstanding
4-22 any such conflicting provisions.
4-23 SECTION 13. Section 2, Article XV, Texas Constitution, is
4-24 amended to read as follows:
4-25 Sec. 2. Impeachment of the Governor, Lieutenant Governor,
4-26 Attorney General, <Treasurer,> Commissioner of the General Land
4-27 Office, Comptroller and the Judges of the Supreme Court, Court of
4-28 Appeals and District Court shall be tried by the Senate.
4-29 SECTION 14. Subsections (h) and (q), Section 70, Article
4-30 XVI, Texas Constitution, are amended to read as follows:
4-31 (h) The board of trustees shall establish and operate the
4-32 fund to the extent practical under the generally accepted business
4-33 procedures relating to a mutual fund and shall value the
4-34 investments for determining the purchase or sales price of
4-35 participating shares of investing funds or systems participating in
4-36 the fund consistent with investment contracts. Evidences of
4-37 participation in the fund shall be held by the comptroller of
4-38 public accounts <state treasurer> in keeping with the custodial
4-39 responsibilities of that office.
4-40 (q) This section is self-executing and takes effect on its
4-41 adoption by the voters. All state officials named in this
4-42 section<, the state treasurer,> and the comptroller of public
4-43 accounts shall take all necessary actions for the implementation of
4-44 this section. The legislature shall provide by law for full
4-45 disclosure of all details concerning investments authorized by this
4-46 section.
4-47 SECTION 15. This proposed constitutional amendment shall be
4-48 submitted to the voters at an election to be held November 7, 1995.
4-49 The ballot shall be printed to permit voting for or against the
4-50 proposition: "The constitutional amendment abolishing the office
4-51 of state treasurer."
4-52 * * * * *