By Heflin H.J.R. No. 111
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
A JOINT RESOLUTION
1-1 proposing a constitutional amendment to transfer to the economic
1-2 stabilization fund certain excess earnings on investments of money
1-3 in the general revenue fund.
1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 49-g, Article III, Texas Constitution, is
1-6 amended by amending Subsections (c) and (h) and adding Subsection
1-7 (e-1), to read as follows:
1-8 (c) Not later than the 90th day of each fiscal year, the
1-9 comptroller of public accounts shall transfer from general revenue
1-10 to the economic stabilization fund the amounts prescribed by
1-11 Subsections (d), [and] (e), and (e-1) of this section. However, if
1-12 necessary, the comptroller shall reduce proportionately the amounts
1-13 transferred to prevent the amount in the fund from exceeding the
1-14 limit in effect for that biennium under Subsection (g) of this
1-15 section.
1-16 (e-1) Not later than the date specified in Subsection (c) of
1-17 this section, the comptroller shall transfer to the economic
1-18 stabilization fund 75 percent of excess earnings. In this
1-19 subsection, "excess earnings" means the amount by which the total
1-20 interest and other earnings received by the state in a fiscal year
1-21 exceeded the total interest and other earnings that was anticipated
1-22 to be received by the state in that year, as specified in the
1-23 estimate of anticipated revenues prepared under Article III,
2-1 Section 49a, of this constitution. For purposes of this
2-2 subsection, the following may not be considered:
2-3 (1) interest and other earnings from investments of
2-4 money in a fund other than the general revenue fund; and
2-5 (2) interest and other earnings from investments of
2-6 money in the general revenue fund, if the money is dedicated for a
2-7 particular purpose by law.
2-8 (h) In preparing an estimate of anticipated revenues for a
2-9 succeeding biennium as required by Article III, Section 49a, of
2-10 this constitution, the comptroller shall estimate the amount of the
2-11 transfers that will be made under Subsections (b), (d), [and] (e),
2-12 and (e-1) of this section. The comptroller shall deduct that
2-13 amount from the estimate of anticipated revenues as if the
2-14 transfers were made on August 31 of that fiscal year.
2-15 SECTION 2. This proposed constitutional amendment shall be
2-16 submitted to the voters at an election to be held November 6, 2001.
2-17 The ballot shall be printed to permit voting for or against the
2-18 proposition: "The constitutional amendment providing for the
2-19 transfer to the economic stabilization fund of certain earnings
2-20 received from investment of money in the general revenue fund."