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SENATE JOINT RESOLUTION
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proposing a constitutional amendment to make a one-time transfer of |
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money from the economic stabilization fund to the trust fund of the |
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Employees Retirement System of Texas. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-g, Article III, Texas Constitution, |
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is amended to read as follows: |
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SECTION 2. 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 make a one-time transfer of money from the |
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economic stabilization fund to the trust fund of the Employees |
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Retirement System of Texas. |
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(b) On January 1, 2016, the comptroller of public accounts |
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shall transfer $1,500,000,000 from the economic stabilization fund |
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established under Section 49-g, Article III, Texas Constitution, to |
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the trust fund of the Employees Retirement System of Texas. |
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(c) This temporary provision expires January 1, 2017. |
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Section 3. 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 providing for transfer |
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of money from the economic stabilization fund to retire a portion of |
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the state's unfunded liability in the Employee Retirement System." |