84R23069 CJC-D

By: Nichols, et al. S.J.R. No. 5

(Pickett)

Substitute the following for S.J.R. No. 5: No.

A JOINT RESOLUTION

proposing a constitutional amendment temporarily dedicating a portion of the revenue derived from the state sales and use tax to the state highway fund.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Article VIII, Texas Constitution, is amended by adding Section 7-c to read as follows:

Sec. 7-c. (a) In each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund $3 billion of the net revenue derived from the imposition of the state sales and use tax on the sale, storage, use, or other consumption in this state of taxable items under Chapter 151, Tax Code, or its successor.

(b) In addition to any deposit made under Subsection (a) of this section, in each state fiscal year the comptroller of public accounts shall deposit to the credit of the state highway fund an amount equal to two percent of the net revenue described by that subsection that is not deposited as provided by that subsection.

(c) Money deposited to the credit of the state highway fund under this section may be appropriated only to:

(1) construct, maintain, or acquire rights-of-way for public roadways other than toll roads; or

(2) repay the principal of and interest on:

(A) bonds and other public securities issued, and bond enhancement agreements entered into, as authorized by Section 49-n, Article III, of this constitution, as proposed by H.J.R. 28, 78th Legislature, Regular Session, 2003; and

(B) general obligation bonds issued as authorized by Section 49-p, Article III, of this constitution.

(d) This section expires September 1, 2026.

SECTION 2. The following temporary provision is added to the Texas Constitution:

TEMPORARY PROVISION. (a) This temporary provision applies to the constitutional amendment proposed by the 84th Legislature, Regular Session, 2015, temporarily dedicating a portion of the revenue derived from the state sales and use tax to the state highway fund.

(b) Section 7-c(a), Article VIII, of this constitution takes effect September 1, 2017.

(c) Section 7-c(b), Article VIII, of this constitution takes effect September 1, 2016.

(d) This temporary provision expires September 1, 2018.

SECTION 3. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 3, 2015. The ballot shall be printed to permit voting for or against the proposition: "The constitutional amendment temporarily dedicating a portion of state sales and use tax revenue to increase transportation funding."