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A JOINT RESOLUTION
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proposing a constitutional amendment requiring the allocation of |
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certain interest and investment income from the economic |
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stabilization fund to the purposes of public education, water |
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development projects, and transportation. |
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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 Subsection (g) and adding Subsections (g-1), |
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(g-2), and (g-3) to read as follows: |
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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 10 percent of |
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the total amount, excluding investment income, interest income, and |
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amounts borrowed from special funds, deposited in general revenue |
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during the preceding biennium. The amount of money required to be |
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transferred from the economic stabilization fund under Subsection |
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(g-1) of this section is considered to be transferred before any |
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amounts are transferred to the fund as required by Subsections (b), |
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(c), (d), and (e) of this section, regardless of the actual order in |
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which those transfers occur. |
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(g-1) Not later than the 90th day of each state fiscal year, |
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the comptroller shall: |
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(1) determine whether the ending balance of the |
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economic stabilization fund for the preceding state fiscal year, |
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excluding the amount of money from interest and investment income |
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received during the preceding state fiscal year, equals or exceeds |
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an amount equal to seven percent of the total amount of general |
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revenue appropriations made for the state fiscal biennium during |
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which the determination is made; and |
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(2) if the ending balance described by Subdivision (1) |
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of this subsection equals or exceeds seven percent of the total |
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amount of the general revenue appropriations described by that |
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subdivision, transfer from the economic stabilization fund the |
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amount of money equal to the amount of interest and investment |
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income received during the preceding state fiscal year as follows: |
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(A) one-third of the amount to the permanent |
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school fund; |
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(B) one-third of the amount to the Texas Water |
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Development Fund II; and |
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(C) the remaining amount to the state highway |
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fund. |
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(g-2) For purposes of Subsection (g-1) of this section, the |
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ending balance of the economic stabilization fund for a state |
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fiscal year includes all amounts of money transferred to the |
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general revenue fund under Subsection (j) of this section during |
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the state fiscal biennium that includes the fiscal year for which |
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the ending balance is determined, regardless of whether the money |
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has been returned. |
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(g-3) A transfer of money under Subsection (g-1) of this |
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section is an appropriation from state tax revenues dedicated by |
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this constitution for purposes of determining the rate of growth of |
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those appropriations under Section 22, Article VIII, of this |
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constitution. |
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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 5, 2013. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment requiring the |
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allocation of certain interest and investment income from the |
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economic stabilization fund to the purposes of public education, |
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water development projects, and transportation." |