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."