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A JOINT RESOLUTION
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proposing a constitutional amendment to limit state debt. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49(e), Article III, Texas Constitution, |
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is amended to read as follows: |
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(e) The legislature, by at least a two-thirds vote of the |
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members elected to each house, may enact all laws necessary or |
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appropriate to implement the authority granted by a proposition |
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that is approved as provided by Subsection (b) of this section. A |
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law enacted in anticipation of the election is valid if, by its |
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terms, it is subject to the approval of the related proposition. |
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SECTION 2. Section 49a, Article III, Texas Constitution, is |
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amended by adding Subsections (f) and (g) to read as follows: |
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(f) This subsection applies only to the certification of a |
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general appropriations bill for a state fiscal biennium and only if |
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the amount of state debt on the first day of the state fiscal |
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biennium for which the bill appropriates money is estimated to |
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exceed an amount equal to 10 percent of the modified biennial |
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general revenue estimate for that state fiscal biennium. In |
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addition to the certification required by Subsection (b) of this |
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section, the general appropriations bill for a state fiscal |
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biennium is not considered as passed and may not be sent to the |
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Governor for consideration until the Comptroller of Public Accounts |
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endorses the Comptroller's certificate on the bill showing that the |
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amount appropriated by the bill for the repayment of state debt |
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during that state fiscal biennium is anticipated to result in a |
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total amount of state debt on the last day of the state fiscal |
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biennium, including any state debt issued, obtained, or entered |
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into by this state during that biennium, that is at least 5 percent |
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less than the total amount of that state debt on the first day of |
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that state fiscal biennium. In this subsection: |
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(1) "Modified biennial general revenue estimate" |
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means the amount of revenue stated in the Comptroller's estimate |
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provided in advance of the regular legislative session as required |
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by Subsection (a) of this section that, based on the laws in effect |
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at the time the estimate is made, is anticipated to be received by |
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and for the state and deposited to the credit of the general revenue |
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fund, as that estimate is modified by probable changes to that |
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anticipated revenue as shown in any supplemental statements |
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submitted in accordance with Subsection (a) of this section. |
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(2) "State debt" means the combined total of the |
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amounts of bonds or notes, excluding revenue bonds or notes, loans, |
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other public securities, bond enhancement agreements, refunding |
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obligations, or other debt issued, obtained, or entered into, as |
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applicable, by this state and any accrued interest on that debt. |
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(g) If the Comptroller of Public Accounts finds that the |
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Comptroller cannot make the certification required by Subsection |
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(f) of this section, the Comptroller shall endorse the finding on |
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the bill and return the bill to the House in which the bill |
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originated. The finding immediately shall be made known to the |
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House of Representatives and the Senate and the necessary steps |
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shall be taken to appropriate an amount of money for the repayment |
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of state debt, as defined by Subsection (f) of this section, that |
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will allow the Comptroller to make the certification required by |
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that subsection. |
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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 84th Legislature, |
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Regular Session, 2015, to limit state debt by requiring |
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appropriations to reduce existing state debt to less than a |
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specified portion of state revenue and by requiring a two-thirds |
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vote of the legislature to authorize additional state debt. |
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(b) The amendment to Section 49(e), Article III, of this |
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constitution applies only to the enactment of a law or an amendment |
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to a law by the legislature on or after January 1, 2016. |
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(c) This temporary provision expires January 1, 2017. |
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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 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 limit state debt by |
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requiring appropriations to reduce existing state debt to less than |
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a specified portion of state revenue and by requiring a two-thirds |
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vote of the legislature to authorize additional state debt." |