85R14690 JJT-D
 
  By: Perry S.B. No. 2057
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the creation, administration, and funding of a state
  infrastructure endowment fund outside of the state treasury.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 403, Government Code, is amended by
  adding Subchapter S to read as follows:
  SUBCHAPTER S. STATE INFRASTRUCTURE ENDOWMENT FUND
         Sec. 403.551.  DEFINITION. In this subchapter, "fund" means
  the state infrastructure endowment fund.
         Sec. 403.552.  STATE INFRASTRUCTURE ENDOWMENT FUND. (a)  
  The state infrastructure endowment fund is created as a fund to be
  held outside of the state treasury and administered by the
  comptroller as trustee for the purpose of paying the costs of state
  infrastructure as provided by this subchapter.
         (b)  Notwithstanding Subsection (a), the comptroller may
  transfer to the Texas Treasury Safekeeping Trust Company the
  comptroller's duties as trustee.
         (c)  The fund consists of money transferred to the fund at
  the direction of the legislature and interest or other earnings on
  that money.  Money in the fund may be used only to:
               (1)  pay for projects to repair, renovate,
  rehabilitate, or construct state infrastructure other than
  transportation infrastructure;
               (2)  make payments of principal or interest on state
  general obligation bonds the proceeds of which are used to pay for
  projects to repair, renovate, rehabilitate, or construct state
  infrastructure other than transportation infrastructure; or
               (3)  make payments under a credit agreement or bond
  enhancement agreement related to bonds described by Subdivision
  (2).
         (d)  The trustee of the fund, without the necessity of a
  legislative appropriation, may apply available money from the fund
  toward payments described by Subsection (c). The trustee may enter
  into bond enhancement agreements to provide additional security for
  general obligation bonds or revenue bonds the proceeds of which are
  used to finance state infrastructure projects other than
  transportation infrastructure projects. Bond enhancement
  agreements must be payable solely from available money from the
  fund.  The bond enhancement agreements may not exceed an amount that
  can be fully supported by the fund. A bond enhancement agreement
  entered into under this subsection may not provide for a duty to
  make a payment under the agreement so as to constitute a
  constitutional state debt payable from general revenues of the
  state.
         (e)  The trustee of the fund may use that fund to finance,
  including by direct loan, state infrastructure projects other than
  transportation infrastructure projects.
         Sec. 403.553.  RESERVATION OF REVENUE AND APPROPRIATION FOR
  FUND.  (a)  For the state fiscal years 2018 through 2028, the
  comptroller shall reserve in the state treasury an amount equal to
  one-quarter of one percent of all general revenue that comes into
  the state treasury during each state fiscal year that is not
  dedicated or appropriated by the Texas Constitution.
         (b)  The money reserved under Subsection (a) may be
  appropriated only for the purpose of transferring during the
  succeeding state fiscal year the reserved amount to the credit of
  the fund.  If the money is not appropriated for that purpose for the
  succeeding state fiscal year, the reserved money may be
  appropriated for any purpose after the end of that fiscal year.
         (c)  The legislature may appropriate additional general
  revenue for the purpose of transferring the revenue to the fund
  except that the total amount appropriated for a state fiscal year
  for transfer to the fund may not exceed one percent of all general
  revenue that came into the state treasury during the preceding
  state fiscal year that is not dedicated or appropriated by the Texas
  Constitution.
         (d)  This section expires September 1, 2029.
         SECTION 2.  This Act takes effect September 1, 2017.