By:  Harris                                           S.J.R. No. 46
         Line and page numbers may not match official copy.
         Bill not drafted by TLC or Senate E&E.
 1-1                           SENATE JOINT RESOLUTION
 1-2     proposing a constitutional amendment to transfer to the economic
 1-3     stabilization fund certain excess earnings on investments of money
 1-4     in the general revenue fund.
 1-5           BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-6           SECTION 1.  Section 49-g, Article III, Texas Constitution, is
 1-7     amended by amending Subsections (c) and (h) and adding Subsection
 1-8     (e-1), to read as follows:
 1-9           (c)  Not later than the 90th day of each fiscal year, the
1-10     comptroller of public accounts shall transfer from general revenue
1-11     to the economic stabilization fund the amounts prescribed by
1-12     Subsections (d), [and] (e), and (e-1) of this section.  However, if
1-13     necessary, the comptroller shall reduce proportionately the amounts
1-14     transferred to prevent the amount in the fund from exceeding the
1-15     limit in effect for that biennium under Subsection (g) of this
1-16     section.
1-17           (e-1)  Not later than the date specified in Subsection (c) of
1-18     this section, the comptroller shall transfer to the economic
1-19     stabilization fund 75 percent of excess earnings.  In this
1-20     subsection, "excess earnings" means the amount by which the total
1-21     interest and other earnings received by the state in a fiscal year
1-22     exceed the total interest and other earnings that was anticipated
 2-1     to be received by the state in that year, as specified in the
 2-2     estimate of anticipated revenues prepared under Article III,
 2-3     Section 49a, of this constitution.  For purposes of this
 2-4     subsection, the following may not be considered:
 2-5                 (1)  interest and other earnings from investments of
 2-6     money in a fund other than the general revenue fund; and
 2-7                 (2)  interest and other earnings from investments of
 2-8     money in the general revenue fund, if the money is dedicated for a
 2-9     particular purpose by law.
2-10           (h)  In preparing an estimate of anticipated revenues for a
2-11     succeeding biennium as required by Article III, Section 49a, of
2-12     this constitution, the comptroller shall estimate the amount of the
2-13     transfers that will be made under Subsections (b), (d), [and] (e),
2-14     and (e-1) of this section.  The comptroller shall deduct that
2-15     amount from the estimate of anticipated revenues as if the
2-16     transfers were made on August 31 of that fiscal year.
2-17           SECTION 2.  This proposed constitutional amendment shall be
2-18     submitted to the voters at an election to be held November 6, 2001.
2-19     The ballot shall be printed to permit voting for or against the
2-20     proposition:  "The constitutional amendment providing for the
2-21     transfer to the economic stabilization fund of certain earnings
2-22     received from investment of money in the general revenue fund."