85R14669 JJT-D
 
  By: Perry S.J.R. No. 59
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment to set aside money from the
  economic stabilization fund and certain general revenue to pay for
  certain state infrastructure projects and to create a state
  infrastructure endowment fund for funding certain costs of those
  projects.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article XVI, Texas Constitution, is amended by
  adding Sections 77 and 78 to read as follows:
         Sec. 77.  (a)  Not later than the 90th day of each state
  fiscal year beginning with the state fiscal year 2019 and ending
  with the state fiscal year 2029, the comptroller of public accounts
  shall transfer from the state treasury to the credit of the state
  infrastructure endowment fund an amount of general revenue equal to
  one-quarter of one percent of all general revenue that:
               (1)  came into the state treasury during the preceding
  state fiscal year; and
               (2)  is not otherwise dedicated or appropriated by this
  constitution.
         (b)  The legislature by general law may provide for the
  comptroller of public accounts to transfer in a state fiscal year
  from the state treasury to the credit of the state infrastructure
  endowment fund, together with the amount transferred to that fund
  under Subsection (a) of this section, general revenue not otherwise
  dedicated or appropriated by this constitution in an additional
  amount that may not exceed three times the amount transferred to
  that fund under Subsection (a) of this section for that state fiscal
  year.
         (c)  As soon as practicable after the effective date of this
  section, the comptroller of public accounts shall transfer from the
  economic stabilization fund to the credit of the state
  infrastructure endowment fund the amount of $1 billion.
         (d)  For the purposes of Section 22, Article VIII, of this
  constitution, a transfer made under this section to the state
  infrastructure endowment fund is not an appropriation of state tax
  revenues.
         (e)  This section expires December 31, 2029.
         Sec. 78.  (a)  The state infrastructure endowment fund is
  created as a fund to be held outside of the state treasury and
  administered by the comptroller of public accounts as trustee for
  the purpose of paying the costs of state infrastructure as provided
  by this section.
         (b)  Notwithstanding Subsection (a) of this section, the
  comptroller of public accounts may transfer the state
  infrastructure endowment fund and the comptroller's duties as
  trustee to a special purpose trust company that, as provided by
  general law, is incorporated by the comptroller.
         (c)  Money transferred to the credit of the state
  infrastructure endowment fund and interest or other earnings on
  that money 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 were 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)
  of this subsection.
         (d)  Notwithstanding Subsections (c), (e), and (f) of this
  section, the $1 billion transferred to the state infrastructure
  endowment fund under Subsection (c), Section 77, of this article,
  may not be spent.  That amount must be retained in the fund as
  principal for the purpose of generating investment income for the
  fund until September 1, 2029.  On or after that date, all or part of
  that principal may be returned to the economic stabilization fund
  or transferred to the state treasury to be used for other purposes,
  as directed by the legislature.
         (e)  The trustee of the state infrastructure endowment fund,
  without the necessity of a legislative appropriation, may apply
  available money from the fund toward payments described by
  Subsection (c) of this section.  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 state infrastructure
  endowment fund.  The bond enhancement agreements may not exceed an
  amount that can be fully supported by the state infrastructure
  endowment 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.
         (f)  The trustee of the state infrastructure endowment fund
  may use that fund to finance, including by direct loan, state
  infrastructure projects.
         (g)  This section is self-executing, however the legislature
  by general law may provide for criteria or procedures for the
  trustee to use in determining the use of the state infrastructure
  endowment fund's resources.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2017.
  The ballot shall be printed to permit voting for or against the
  proposition:  "The constitutional amendment to set aside an amount
  of money from the economic stabilization fund and certain general
  revenue as dedicated to pay for certain state infrastructure
  projects and to create a state infrastructure endowment fund
  outside of the state treasury for funding certain costs of those
  projects."