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