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JOINT RESOLUTION
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proposing a constitutional amendment to set aside general revenue |
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as dedicated to pay for certain state infrastructure projects. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 50-h to read as follows: |
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Sec. 50-h. (a) The state infrastructure endowment fund is |
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a fund created outside the state treasury. |
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(b) Not later than the 90th day of each state fiscal year, |
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the comptroller of public accounts shall transfer from the general |
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revenue fund to the credit of the state infrastructure endowment |
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fund an amount equal to one-quarter of one percent of all general |
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revenue that: |
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(1) came into the state treasury during the preceding |
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state fiscal year; and |
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(2) is not otherwise dedicated by or appropriated by |
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this constitution. |
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(c) Notwithstanding Subsection (b) of this section, the |
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legislature by general law may provide for a percentage different |
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from the percentage provided by that subsection. The percentage |
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may not be less than one-quarter of one percent or more than one |
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percent of the general revenue described by Subsection (b) of this |
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section. |
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(d) Except as provided by Subsection (f) of this section, |
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money transferred to the credit of the state infrastructure |
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endowment fund under this section and interest or other earnings on |
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that money shall be administered, without further appropriation, by |
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the Texas Treasury Safekeeping Trust Company or that company's |
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successor in function and shall be used only to: |
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(1) make payments of principal or interest on state |
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bonds the proceeds of which were used to pay for projects to repair, |
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renovate, rehabilitate, or construct state infrastructure other |
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than transportation infrastructure and higher education |
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facilities; or |
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(2) make payments under a credit agreement related to |
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bonds described by Subdivision (1) of this subsection. |
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(e) For purposes of Subsection (d) of this section: |
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(1) "Transportation infrastructure" means roads, |
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streets, ways, bridges, or culverts. |
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(2) "Higher education facilities" means property, |
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buildings, structures, or other facilities used or intended to be |
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used by a public institution of higher education. |
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(f) The Texas Treasury Safekeeping Trust Company or that |
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company's successor in function shall retain in the state |
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infrastructure endowment fund a minimum balance of 95 percent of |
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the corpus of the fund. |
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(g) This subsection and Subsections (b) and (c) of this |
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section expire August 31, 2027. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2017. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to set aside general |
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revenue as dedicated to pay for certain state infrastructure |
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projects." |