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A BILL TO BE ENTITLED
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AN ACT
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relating to dedicating certain state revenue to the purpose of |
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retiring state general obligation debt. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter F, Chapter 403, Government Code, is |
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amended by adding Section 403.098 to read as follows: |
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Sec. 403.098. STATE DEBT RETIREMENT ACCOUNT; TRANSFERS. |
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(a) In this section, "account" means the state debt retirement |
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account. |
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(b) The state debt retirement account is an account in the |
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general revenue fund. |
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(c) Except as provided by Subsection (d), money in the |
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account may be appropriated only to pay principal of or interest on |
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state general obligation debt or to make a payment under a credit |
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agreement related to a state general obligation. |
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(d) Money in the account may be appropriated for any purpose |
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on a two-thirds vote of the members present in each house of the |
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legislature. |
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(e) Each time the comptroller, as provided by Section |
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49-g(b) or (c), Article III, Texas Constitution, reduces an amount |
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of general revenue that otherwise is to be transferred to the |
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economic stabilization fund, the comptroller at the same time shall |
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transfer to the credit of the account an amount of general revenue |
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equal to the amount by which the comptroller reduced the amount of |
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the transfer to the economic stabilization fund. |
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(f) Each time the comptroller, as provided by Section |
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49-g(i), Article III, Texas Constitution, credits to general |
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revenue interest otherwise due to the economic stabilization fund, |
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the comptroller at the same time shall transfer to the credit of the |
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account an amount of general revenue equal to the amount of the |
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interest credited to general revenue. |
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SECTION 2. This Act takes effect September 1, 2015. |