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SENATE JOINT RESOLUTION
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proposing a constitutional amendment to provide for the transfer of |
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certain general revenue to the state highway fund, the foundation |
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school fund, and the economic stabilization fund and to authorize |
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the payment from the state highway fund of the principal and |
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interest on certain highway improvement bonds. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsections (c), (d), and (e), Section 49-g, |
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Article III, Texas Constitution, are amended to read as follows: |
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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 state highway fund, and the |
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foundation school fund the amounts prescribed by Subsections (d) |
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and (e) of this section. However, if necessary, the comptroller |
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shall reduce proportionately the amounts transferred to the |
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economic stabilization fund to prevent the amount in the fund from |
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exceeding the limit in effect for that biennium under Subsection |
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(g) of this section. |
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(d) If in the preceding year the state received from oil |
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production taxes a net amount greater than the net amount of oil |
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production taxes received by the state in the fiscal year ending |
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August 31, 1987, the comptroller shall retain [transfer to the
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economic stabilization fund] an amount equal to 25 [75] percent of |
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the difference between those amounts as general revenue to be |
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appropriated to the foundation school fund. Of the remaining 75 |
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percent of the difference between those amounts, the[. The] |
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comptroller shall transfer an amount equal to one-half to the |
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economic stabilization fund, transfer an amount equal to |
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three-tenths to the state highway fund, and transfer an amount |
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equal to two-tenths to the foundation school fund to be applied to |
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the instructional facilities allotment and the existing debt |
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allotment [retain the remaining 25 percent of the difference as
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general revenue]. In computing the net amount of oil production |
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taxes received, the comptroller may not consider refunds paid as a |
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result of oil overcharge litigation. |
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(e) If in the preceding year the state received from gas |
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production taxes a net amount greater than the net amount of gas |
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production taxes received by the state in the fiscal year ending |
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August 31, 1987, the comptroller shall retain [transfer to the
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economic stabilization fund] an amount equal to 25 [75] percent of |
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the difference between those amounts as general revenue to be |
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appropriated to the foundation school fund. Of the remaining 75 |
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percent of the difference between those amounts, the[. The] |
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comptroller shall transfer an amount equal to one-half to the |
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economic stabilization fund, transfer an amount equal to |
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three-tenths to the state highway fund, and transfer an amount |
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equal to two-tenths to the foundation school fund to be applied to |
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the instructional facilities allotment and the existing debt |
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allotment [retain the remaining 25 percent of the difference as
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general revenue]. For the purposes of this subsection, the |
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comptroller shall adjust the [his] computation of revenues to |
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reflect only 12 months of collection. |
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SECTION 2. Section 49-p, Article III, Texas Constitution, |
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is amended by adding Subsection (e) to read as follows: |
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(e) Money deposited to the credit of the state highway fund |
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may be appropriated to repay the principal and interest on bonds |
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issued under this section. |
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SECTION 3. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by the 83rd Legislature, |
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1st Called Session, 2013, to provide for the transfer of certain |
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general revenue to the state highway fund, the foundation school |
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fund for the benefit of school facilities, and the economic |
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stabilization fund and to authorize the payment from the state |
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highway fund of the principal and interest on certain highway |
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improvement bonds. |
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(b) The amendment to Section 49-g, Article III, of this |
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constitution takes effect January 1, 2014, and applies only to a |
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transfer of revenue made by the comptroller of public accounts as |
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provided by Subsection (d) or (e) of that section on or after |
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January 1, 2014. |
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(c) This temporary provision expires January 1, 2015. |
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SECTION 4. 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 to provide for the |
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transfer of certain general revenue to the state highway fund, the |
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foundation school fund for the benefit of school facilities, and |
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the economic stabilization fund and to authorize the payment from |
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the state highway fund of the principal and interest on certain |
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highway improvement bonds." |