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A 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 economic stabilization fund, to |
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provide for the transfer of certain general revenue to the state |
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highway fund and the dedication of that revenue, and to authorize |
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the payment of the principal and interest on certain highway |
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improvement bonds from certain general revenue transferred to the |
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state highway fund. |
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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 Subsections (c), (d), and (e) and adding |
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Subsections (c-1) and (c-2) 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 the general |
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revenue fund to the economic stabilization fund and the state |
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highway fund the sum of the amounts described [prescribed] by |
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Subsections (d) and (e) of this section, to be allocated as provided |
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by Subsections (c-1) and (c-2) of this section. However, if |
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necessary and notwithstanding the allocations prescribed by |
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Subsections (c-1) and (c-2) of this section, the comptroller shall |
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reduce proportionately the amounts described by Subsections (d) and |
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(e) of this section to be transferred and allocated to the economic |
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stabilization fund to prevent the amount in that [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. Revenue transferred to the state highway fund |
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under this subsection may be used only for constructing, |
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maintaining, and acquiring rights-of-way for public roadways other |
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than toll roads. |
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(c-1) Of the sum of the amounts described by Subsections (d) |
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and (e) of this section and required to be transferred from the |
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general revenue fund under Subsection (c) of this section, the |
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comptroller shall allocate one-half to the economic stabilization |
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fund and the remainder to the state highway fund, except as provided |
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by Subsection (c-2) of this section. |
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(c-2) If the anticipated balance of the economic |
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stabilization fund after any transfer that may be made under |
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Subsection (b) of this section and any transfer and allocation of |
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money that may be made as provided by Subsections (c) and (c-1) of |
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this section would be less than one-third of the maximum authorized |
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balance of the economic stabilization fund, as provided by |
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Subsection (g) of this section, for the state fiscal biennium |
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preceding the biennium during which the transfer under Subsection |
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(c) of this section is to be made, the comptroller shall reduce the |
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amount that would otherwise be allocated to the state highway fund |
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as provided by Subsection (c-1) of this section by the lesser of the |
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total amount of the allocation to that fund or the amount necessary |
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for the anticipated balance of the economic stabilization fund, |
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after any transfer that may be made under Subsection (b) of this |
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section and the transfer and allocation to be made as provided by |
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Subsections (c) and (c-1) of this section, to equal one-third of the |
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maximum authorized balance of the economic stabilization fund, as |
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provided by Subsection (g) of this section, for the state fiscal |
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biennium preceding the biennium during which the transfer under |
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Subsection (c) of this section is to be made. The comptroller shall |
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allocate to the economic stabilization fund the amount by which the |
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allocation to the state highway fund is reduced under this |
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subsection. |
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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 transfer under Subsection |
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(c) of this section and allocate in accordance with Subsections |
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(c-1) and (c-2) of this section [to the economic stabilization
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fund] an amount equal to 75 percent of the difference between those |
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amounts. The comptroller shall retain the remaining 25 percent of |
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the difference as general revenue. In computing the net amount of |
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oil production taxes received, the comptroller may not consider |
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refunds paid as a 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 transfer under Subsection |
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(c) of this section and allocate in accordance with Subsections |
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(c-1) and (c-2) of this section [to the economic stabilization
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fund] an amount equal to 75 percent of the difference between those |
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amounts. The comptroller shall retain the remaining 25 percent of |
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the difference as general revenue. For the purposes of this |
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subsection, the comptroller shall adjust the [his] computation of |
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revenues to 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) Revenue transferred to the state highway fund under |
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Section 49-g(c) of this article may be appropriated to pay the |
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principal of and interest on bonds 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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2nd Called Session, 2013, to provide for the transfer of certain |
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general revenue to the economic stabilization fund, to provide for |
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the transfer of certain general revenue to the state highway fund |
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and the dedication of that revenue, and to authorize the payment of |
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the principal and interest on certain highway improvement bonds |
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from certain general revenue transferred to the state highway fund. |
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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 (c) of that section on or after January 1, |
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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 economic stabilization |
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fund, to provide for the transfer of certain general revenue to the |
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state highway fund and the dedication of that revenue, and to |
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authorize the payment of the principal and interest on certain |
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highway improvement bonds from certain general revenue transferred |
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to the state highway fund." |