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By: Heflin H.J.R. No. 2
A JOINT RESOLUTION
proposing a constitutional amendment requiring that money
appropriated from the economic stabilization fund be repaid to the
fund during the next state fiscal biennium.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended by amending Subsection (h) and adding Subsections (q)
and (r) to read as follows:
(h) In preparing an estimate of anticipated revenues for a
succeeding biennium as required by Article III, Section 49a, of
this constitution, the comptroller shall estimate the amount of the
transfers that will be made under Subsections (b), (d), [and] (e),
and (q) of this section. The comptroller shall deduct the estimated
[that] amount of the transfers that will be made under Subsections
(b), (d), and (e) of this section from the estimate of anticipated
revenues as if the transfers were made on August 31 of that fiscal
year. The comptroller shall deduct the estimated amount of the
transfers that will be made under Subsection (q) of this section
from the estimate of anticipated revenues for the fiscal year in
which the transfers under Subsection (q) will be made.
(q) Amounts appropriated under Subsection (k), (l), or (m)
of this section from the economic stabilization fund for all or part
of a biennium must be repaid to the fund during the succeeding
biennium. Except as provided by Subsection (r) of this section,
the comptroller during the succeeding biennium shall transfer from
the general revenue fund to the economic stabilization fund an
amount equal to the amount appropriated from the economic
stabilization fund for all or part of the biennium. The comptroller
shall transfer one-half of the required amount during the first
fiscal year of the succeeding biennium and one-half of the required
amount during the second fiscal year of the succeeding biennium,
except that the amount transferred during the first fiscal year may
be unequal to the amount transferred during the second fiscal year
if the comptroller determines that the financial condition of the
state makes it necessary to transfer unequal amounts.
(r) The comptroller shall reduce the amount otherwise
required to be repaid under Subsection (q) of this section as
necessary to ensure that the amount in the economic stabilization
fund does not exceed the limit prescribed by Subsection (g) of this
section.
SECTION 2. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the amendment to Section 49-g, Article III, of this
constitution, proposed by the 78th Legislature, Regular Session,
2003, requiring that money appropriated from the economic
stabilization fund be repaid to the fund during the next state
fiscal biennium. This temporary provision expires September 2,
2007.
(b) Except as provided by this subsection, the changes made
to Section 49-g, Article III, of this constitution by the amendment
apply in relation to appropriations made from the economic
stabilization fund by the 78th Legislature without regard to
whether the appropriations from the fund were made before or after
the date the amendment is approved by the voters. Appropriations
made from the economic stabilization fund by the 78th Legislature
must be repaid to the fund during the state fiscal biennium
beginning September 1, 2005, including appropriations made from the
fund for the state fiscal year ending August 31, 2003.
SECTION 3. This proposed constitutional amendment shall be
submitted to the voters at an election to be held September 13,
2003. The ballot shall be printed to permit voting for or against
the proposition: "The constitutional amendment requiring that
money appropriated from the state's rainy day fund be repaid to the
rainy day fund during the next state fiscal biennium."