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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 debt for transportation improvements. |
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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. TRANSFERS FOR TRANSPORTATION IMPROVEMENTS |
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DEBT RETIREMENT. (a) Each time the comptroller, as provided by |
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Section 49-g(b) or (c), Article III, Texas Constitution, reduces an |
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amount 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 state highway fund an amount of |
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general revenue equal to the amount by which the comptroller |
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reduced the amount of the transfer to the economic stabilization |
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fund. |
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(b) 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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state highway fund an amount of general revenue equal to the amount |
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of the interest credited to general revenue. |
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(c) Notwithstanding Section 222.002, Transportation Code, |
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and except as provided by Subsection (e), money transferred to the |
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state highway fund under this section may be appropriated only to |
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pay principal of or interest on state bonds, notes, or other |
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obligations issued for a purpose related to transportation |
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improvements. |
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(d) At any time there is not an outstanding amount of |
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principal or interest owed under a state bond, note, or other |
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obligation issued for a purpose related to transportation |
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improvements, the comptroller: |
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(1) shall transfer to the general revenue fund any |
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remaining balance of money transferred to the state highway fund |
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under this section; and |
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(2) may not make a transfer otherwise required by |
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Subsection (a) or (b). |
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(e) Money transferred as provided by Subsection (d)(1) may |
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be appropriated for any general governmental purpose. |
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SECTION 2. This Act takes effect September 1, 2015. |