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A JOINT RESOLUTION
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proposing a constitutional amendment regarding the limit on the |
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amount in the economic stabilization fund (rainy day fund) and |
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establishing an infrastructure fund. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-g, Article III, Texas Constitution, |
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is amended by amending Subsections (a), (b), (c), (f), (g), (h), and |
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(i) and adding Subsections (b-1), (b-2), (b-3), (i-1), (p), and (q) |
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to read as follows: |
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Sec. 49-g. (a) The economic stabilization fund and the |
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infrastructure fund are special funds [is] established [as a
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special fund] in the state treasury. |
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(b) The comptroller shall, not later than the 90th day of |
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each biennium, transfer to the economic stabilization fund from |
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[one-half of] any unencumbered positive balance of general revenues |
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on the last day of the preceding biennium the lesser of: |
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(1) an amount equal to the difference between the |
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balance of the economic stabilization fund on the last day of the |
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preceding biennium and the limit in effect for the preceding fiscal |
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biennium as prescribed by Subsection (g); and |
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(2) one-half of that unencumbered positive balance. |
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(b-1) If necessary, the comptroller shall reduce the amount |
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transferred to the economic stabilization fund in proportion to the |
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other amounts prescribed by this section to prevent the amount in |
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the fund from exceeding the limit in effect for the then-current |
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fiscal [that] biennium under Subsection (g) of this section. |
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(b-2) If, after the transfer of unencumbered general |
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revenue to the economic stabilization fund under Subsection (b) of |
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this section, any of that unencumbered positive balance of general |
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revenues remains, the comptroller shall transfer that balance to |
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the infrastructure fund not later than the 90th day of the fiscal |
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biennium. |
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(b-3) For purposes of this section, general revenues are |
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considered encumbered on the last day of a state fiscal biennium |
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only to the extent that general revenues are subject to payment for |
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particular identifiable and legally enforceable obligations of |
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this state that were incurred on or before that day and intended to |
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be paid out of appropriations for that biennium. |
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(c) Not later than the 90th day of each fiscal year, the |
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comptroller of public accounts shall transfer from general revenue |
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to the economic stabilization fund the amounts prescribed by |
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Subsections (d) and (e) of this section. However, if necessary [,
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the comptroller shall reduce proportionately the amounts
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transferred] to prevent the amount in the economic stabilization |
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fund from exceeding the limit in effect for that fiscal biennium |
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under Subsection (g) of this section, the comptroller shall: |
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(1) reduce proportionately the amounts transferred to |
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the economic stabilization fund under Subsections (d) and (e) of |
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this section; and |
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(2) transfer the remaining amounts ordinarily |
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transferred to the economic stabilization fund under those |
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subsections to the infrastructure fund. |
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(f) The legislature may transfer [appropriate] additional |
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amounts to the economic stabilization fund or infrastructure fund. |
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(g) During each fiscal biennium, the amount in the economic |
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stabilization fund may not exceed an amount equal to seven and |
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one-half [10] percent of the total amount of general revenue |
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appropriated for expenditure [, excluding investment income,
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interest income, and amounts borrowed from special funds, deposited
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in general revenue] during the preceding biennium. |
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(h) In preparing an estimate of anticipated revenues for a |
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succeeding biennium as required by Article III, Section 49a, of |
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this constitution, the comptroller shall estimate the amount of the |
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transfers that will be made under Subsections (b), (b-1), (b-2), |
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(c), (d), and (e) of this section. The comptroller shall deduct |
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that amount from the estimate of anticipated revenues as if the |
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transfers were made on August 31 of that fiscal year. |
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(i) The comptroller shall credit to the infrastructure fund |
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any interest due to the infrastructure fund. |
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(i-1) The comptroller shall credit to the economic |
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stabilization fund any interest due to the economic stabilization |
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fund except that the comptroller shall credit to the infrastructure |
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fund any [general revenue] interest due to the economic |
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stabilization fund that would result in an amount in the economic |
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stabilization fund that exceeds the limit in effect for that fiscal |
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biennium under Subsection (g) of this section. |
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(p) Money in the infrastructure fund may be appropriated |
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only to pay direct costs, excluding administrative costs or costs |
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related to financing, of: |
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(1) transportation projects; |
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(2) rail relocation projects; and |
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(3) water-related infrastructure projects. |
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(q) Any amount of money appropriated from the |
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infrastructure fund that is unspent at the end of the fiscal year or |
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fiscal biennium for which it was appropriated shall be deposited to |
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the credit of the infrastructure fund. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment regarding the limit on |
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the amount in the economic stabilization fund (rainy day fund) and |
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establishing an infrastructure fund." |