By: Davis, Ellis S.J.R. No. 9

SENATE JOINT RESOLUTION

proposing a constitutional amendment to provide for the transfer of certain general revenue to the state highway fund, the foundation school fund, and the economic stabilization fund and to authorize the payment from the state highway fund of the principal and interest on certain highway improvement bonds.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Subsections (c), (d), and (e), Section 49-g, Article III, Texas Constitution, are amended to read as follows:

(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 state highway fund, and the foundation school fund the amounts prescribed by Subsections (d) and (e) of this section. However, if necessary, the comptroller shall reduce proportionately the amounts transferred to the economic stabilization fund to prevent the amount in the fund from exceeding the limit in effect for that biennium under Subsection (g) of this section.

(d) If in the preceding year the state received from oil production taxes a net amount greater than the net amount of oil production taxes received by the state in the fiscal year ending August 31, 1987, the comptroller shall retain [transfer to the economic stabilization fund] an amount equal to 25 [75] percent of the difference between those amounts as general revenue to be appropriated to the foundation school fund. Of the remaining 75 percent of the difference between those amounts, the[. The] comptroller shall transfer an amount equal to one-half to the economic stabilization fund, transfer an amount equal to three-tenths to the state highway fund, and transfer an amount equal to two-tenths to the foundation school fund to be applied to the instructional facilities allotment and the existing debt allotment [retain the remaining 25 percent of the difference as general revenue]. In computing the net amount of oil production taxes received, the comptroller may not consider refunds paid as a result of oil overcharge litigation.

(e) If in the preceding year the state received from gas production taxes a net amount greater than the net amount of gas production taxes received by the state in the fiscal year ending August 31, 1987, the comptroller shall retain [transfer to the economic stabilization fund] an amount equal to 25 [75] percent of the difference between those amounts as general revenue to be appropriated to the foundation school fund. Of the remaining 75 percent of the difference between those amounts, the[. The] comptroller shall transfer an amount equal to one-half to the economic stabilization fund, transfer an amount equal to three-tenths to the state highway fund, and transfer an amount equal to two-tenths to the foundation school fund to be applied to the instructional facilities allotment and the existing debt allotment [retain the remaining 25 percent of the difference as general revenue]. For the purposes of this subsection, the comptroller shall adjust the [his] computation of revenues to reflect only 12 months of collection.

SECTION 2. Section 49-p, Article III, Texas Constitution, is amended by adding Subsection (e) to read as follows:

(e) Money deposited to the credit of the state highway fund may be appropriated to repay the principal and interest on bonds issued under this section.

SECTION 3. The following temporary provision is added to the Texas Constitution:

TEMPORARY PROVISION. (a) This temporary provision applies to the constitutional amendment proposed by the 83rd Legislature, 1st Called Session, 2013, to provide for the transfer of certain general revenue to the state highway fund, the foundation school fund for the benefit of school facilities, and the economic stabilization fund and to authorize the payment from the state highway fund of the principal and interest on certain highway improvement bonds.

(b) The amendment to Section 49-g, Article III, of this constitution takes effect January 1, 2014, and applies only to a transfer of revenue made by the comptroller of public accounts as provided by Subsection (d) or (e) of that section on or after January 1, 2014.

(c) This temporary provision expires January 1, 2015.

SECTION 4. 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 to provide for the transfer of certain general revenue to the state highway fund, the foundation school fund for the benefit of school facilities, and the economic stabilization fund and to authorize the payment from the state highway fund of the principal and interest on certain highway improvement bonds."