84R2577 JJT-D
 
  By: Campbell S.B. No. 249
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to dedicating certain state revenue to the purpose of
  retiring state general obligation debt.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter F, Chapter 403, Government Code, is
  amended by adding Section 403.098 to read as follows:
         Sec. 403.098.  STATE DEBT RETIREMENT ACCOUNT; TRANSFERS.
  (a) In this section, "account" means the state debt retirement
  account.
         (b)  The state debt retirement account is an account in the
  general revenue fund.
         (c)  Except as provided by Subsection (d), money in the
  account may be appropriated only to pay principal of or interest on
  state general obligation debt or to make a payment under a credit
  agreement related to a state general obligation.
         (d)  Money in the account may be appropriated for any purpose
  on a two-thirds vote of the members present in each house of the
  legislature.
         (e)  Each time the comptroller, as provided by Section
  49-g(b) or (c), Article III, Texas Constitution, reduces an amount
  of general revenue that otherwise is to be transferred to the
  economic stabilization fund, the comptroller at the same time shall
  transfer to the credit of the account an amount of general revenue
  equal to the amount by which the comptroller reduced the amount of
  the transfer to the economic stabilization fund.
         (f)  Each time the comptroller, as provided by Section
  49-g(i), Article III, Texas Constitution, credits to general
  revenue interest otherwise due to the economic stabilization fund,
  the comptroller at the same time shall transfer to the credit of the
  account an amount of general revenue equal to the amount of the
  interest credited to general revenue.
         SECTION 2.  This Act takes effect September 1, 2015.