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A JOINT RESOLUTION
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proposing a constitutional amendment to dedicate certain money to |
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the purpose of retiring state debt early. |
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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 adding Subsections (p) and (q) to read as follows: |
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(p) When the comptroller acts to prevent the amount in the |
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economic stabilization fund from exceeding the limit in effect for |
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a biennium under Subsection (g) of this section by reducing an |
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amount transferred to the fund from general revenue as provided by |
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Subsection (b) or (c) of this section or by crediting to general |
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revenue interest due to the economic stabilization fund as provided |
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by Subsection (i) of this section, the comptroller shall credit to |
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an account in the general revenue fund of the state treasury: |
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(1) if the comptroller reduces the amount transferred |
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under Subsection (b) of this section, an amount of general revenue |
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equal to the difference between the amount transferred to the |
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economic stabilization fund under Subsection (b) of this section |
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and the amount that would have been transferred under that |
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subsection but for the limit in effect under Subsection (g) of this |
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section; |
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(2) if the comptroller reduces the amount transferred |
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under Subsection (c) of this section, an amount of general revenue |
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equal to the difference between the amount transferred to the |
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economic stabilization fund under Subsection (c) of this section |
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and the amount that would have been transferred under that |
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subsection but for the limit in effect under Subsection (g) of this |
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section; and |
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(3) if the comptroller reduces the amount credited to |
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the economic stabilization fund under Subsection (i) of this |
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section, an amount of general revenue equal to the amount credited |
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to general revenue under that subsection. |
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(q) General revenue credited to the account in the general |
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revenue fund of the state treasury under Subsection (p) of this |
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section may be appropriated only for the purpose of retiring state |
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debt early. |
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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 3, 2015. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment to dedicate certain |
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money to the purpose of retiring state debt early." |