81R7142 JJT-D
 
  By: Isett H.J.R. No. 110
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment regarding the limit on the
  amount in the economic stabilization fund (rainy day fund) and
  establishing an infrastructure fund.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-g, Article III, Texas Constitution,
  is amended by amending Subsections (a), (b), (c), (f), (g), (h), and
  (i) and adding Subsections (b-1), (b-2), (b-3), (i-1), (p), and (q)
  to read as follows:
         Sec. 49-g.  (a)  The economic stabilization fund and the
  infrastructure fund are special funds [is] established [as a
  special fund] in the state treasury.
         (b)  The comptroller shall, not later than the 90th day of
  each biennium, transfer to the economic stabilization fund from
  [one-half of] any unencumbered positive balance of general revenues
  on the last day of the preceding biennium the lesser of:
               (1)  an amount equal to the difference between the
  balance of the economic stabilization fund on the last day of the
  preceding biennium and the limit in effect for the preceding fiscal
  biennium as prescribed by Subsection (g); and
               (2)  one-half of that unencumbered positive balance.
         (b-1)  If necessary, the comptroller shall reduce the amount
  transferred to the economic stabilization fund in proportion to the
  other amounts prescribed by this section to prevent the amount in
  the fund from exceeding the limit in effect for the then-current
  fiscal [that] biennium under Subsection (g) of this section.
         (b-2)  If, after the transfer of unencumbered general
  revenue to the economic stabilization fund under Subsection (b) of
  this section, any of that unencumbered positive balance of general
  revenues remains, the comptroller shall transfer that balance to
  the infrastructure fund not later than the 90th day of the fiscal
  biennium.
         (b-3)  For purposes of this section, general revenues are
  considered encumbered on the last day of a state fiscal biennium
  only to the extent that general revenues are subject to payment for
  particular identifiable and legally enforceable obligations of
  this state that were incurred on or before that day and intended to
  be paid out of appropriations for that biennium.
         (c)  Not later than the 90th day of each fiscal year, the
  comptroller of public accounts shall transfer from general revenue
  to the economic stabilization fund the amounts prescribed by
  Subsections (d) and (e) of this section. However, if necessary [,
  the comptroller shall reduce proportionately the amounts
  transferred] to prevent the amount in the economic stabilization
  fund from exceeding the limit in effect for that fiscal biennium
  under Subsection (g) of this section, the comptroller shall:
               (1)  reduce proportionately the amounts transferred to
  the economic stabilization fund under Subsections (d) and (e) of
  this section; and
               (2)  transfer the remaining amounts ordinarily
  transferred to the economic stabilization fund under those
  subsections to the infrastructure fund.
         (f)  The legislature may transfer [appropriate] additional
  amounts to the economic stabilization fund or infrastructure fund.
         (g)  During each fiscal biennium, the amount in the economic
  stabilization fund may not exceed an amount equal to seven and
  one-half [10] percent of the total amount of general revenue
  appropriated for expenditure [, excluding investment income,
  interest income, and amounts borrowed from special funds, deposited
  in general revenue] during the preceding biennium.
         (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), (b-1), (b-2),
  (c), (d), and (e) of this section. The comptroller shall deduct
  that amount from the estimate of anticipated revenues as if the
  transfers were made on August 31 of that fiscal year.
         (i)  The comptroller shall credit to the infrastructure fund
  any interest due to the infrastructure fund.
         (i-1)  The comptroller shall credit to the economic
  stabilization fund any interest due to the economic stabilization
  fund except that the comptroller shall credit to the infrastructure
  fund any [general revenue] interest due to the economic
  stabilization fund that would result in an amount in the economic
  stabilization fund that exceeds the limit in effect for that fiscal
  biennium under Subsection (g) of this section.
         (p)  Money in the infrastructure fund may be appropriated
  only to pay direct costs, excluding administrative costs or costs
  related to financing, of:
               (1)  transportation projects;
               (2)  rail relocation projects; and
               (3)  water-related infrastructure projects.
         (q)  Any amount of money appropriated from the
  infrastructure fund that is unspent at the end of the fiscal year or
  fiscal biennium for which it was appropriated shall be deposited to
  the credit of the infrastructure fund.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 3, 2009.
  The ballot shall be printed to provide for voting for or against the
  proposition: "The constitutional amendment regarding the limit on
  the amount in the economic stabilization fund (rainy day fund) and
  establishing an infrastructure fund."