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A BILL TO BE ENTITLED
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AN ACT
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relating to transferring to the property tax relief fund one-half |
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of any unencumbered balance of general revenue at the end of a state |
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fiscal biennium. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 403.109, Government Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) In addition to amounts deposited to the credit of the |
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property tax relief fund under other law, the comptroller shall, |
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not later than the 90th day of each state fiscal biennium, transfer |
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to the property tax relief fund one-half of any unencumbered |
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positive balance of general revenues on the last day of the |
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preceding state fiscal biennium. For purposes of this subsection, |
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general revenues are considered encumbered on the last day of a |
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state fiscal biennium only to the extent that general revenues are |
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subject to payment for particular identifiable and legally |
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enforceable obligations of this state that were incurred on or |
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before that day and intended to be paid out of appropriations for |
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that biennium. |
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SECTION 2. Section 403.109(e), Government Code, as added by |
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this Act, applies beginning with the unencumbered positive balance |
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of general revenues in the state treasury on the last day of the |
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state fiscal biennium ending August 31, 2007. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect on the 91st day after the last day of the |
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legislative session. |