|
|
|
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." |