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A JOINT RESOLUTION
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proposing a constitutional amendment to set aside money from the |
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economic stabilization fund to pay for certain state infrastructure |
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projects and to create a state infrastructure endowment fund for |
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funding certain costs of those projects. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article XVI, Texas Constitution, is amended by |
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adding Section 76 to read as follows: |
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Sec. 76. (a) The state infrastructure endowment fund is |
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created as a fund to be held outside of the state treasury and |
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administered by the comptroller of public accounts as trustee for |
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the purpose of paying the costs of state infrastructure as provided |
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by this section. |
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(b) Notwithstanding Subsection (a) of this section, the |
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comptroller of public accounts may transfer the state |
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infrastructure endowment fund and the comptroller's duties as |
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trustee to a special purpose trust company that, as provided by |
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general law, is incorporated by the comptroller. |
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(c) Money transferred to the credit of the state |
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infrastructure endowment fund and interest or other earnings on |
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that money may be used only to: |
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(1) make payments of principal or interest on state |
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general obligation bonds the proceeds of which were used to pay for |
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projects to repair, renovate, rehabilitate, or construct state |
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infrastructure other than transportation infrastructure; or |
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(2) make payments under a credit agreement or bond |
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enhancement agreement related to bonds described by Subdivision (1) |
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of this subsection. |
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(d) As soon as practicable after the effective date of this |
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section, the comptroller of public accounts shall transfer from the |
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economic stabilization fund to the credit of the state |
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infrastructure endowment fund the amount of $1 billion. For the |
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purposes of Section 22, Article VIII, of this constitution, the |
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transfer made under this subsection to the state infrastructure |
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endowment fund is not an appropriation of state tax revenues. This |
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subsection expires September 1, 2018. |
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(e) The trustee of the state infrastructure endowment fund, |
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without the necessity of a legislative appropriation, may apply |
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available money from the fund toward payments described by |
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Subsection (c) of this section. The trustee may enter into bond |
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enhancement agreements to provide additional security for general |
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obligation bonds or revenue bonds the proceeds of which are used to |
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finance state infrastructure projects other than transportation |
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infrastructure projects. Bond enhancement agreements must be |
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payable solely from available money from the state infrastructure |
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endowment fund. The bond enhancement agreements may not exceed an |
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amount that can be fully supported by the state infrastructure |
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endowment fund. A bond enhancement agreement entered into under |
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this subsection may not provide for a duty to make a payment under |
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the agreement so as to constitute a constitutional state debt |
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payable from general revenues of the state. |
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(f) This section is self-executing, however the legislature |
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by general law may provide for criteria or procedures for the |
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trustee to use in determining the use of the state infrastructure |
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endowment fund's resources. |
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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 an amount |
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of money from the economic stabilization fund as dedicated to pay |
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for certain state infrastructure projects and to create a state |
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infrastructure endowment fund outside of the state treasury for |
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funding certain costs of those projects." |