| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the determination of the sufficient balance within the |
|
|
economic stabilization fund and to the adjustment of allocations of |
|
|
amounts to be transferred to the economic stabilization fund and |
|
|
the state highway fund under Section 49-g, Article III, Texas |
|
|
Constitution. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. The heading to Subchapter H, Chapter 316, |
|
|
Government Code, is amended to read as follows: |
|
|
SUBCHAPTER H. ALLOCATION OF TRANSFERS TO [PRESERVATION OF
|
|
|
SUFFICIENT BALANCE IN] ECONOMIC STABILIZATION FUND AND STATE |
|
|
HIGHWAY FUND |
|
|
SECTION 2. Sections 316.093(a) and (b), Government Code, |
|
|
are amended to read as follows: |
|
|
(a) Before the comptroller makes transfers for a state |
|
|
fiscal year in accordance with Section 49-g(c), Article III, Texas |
|
|
Constitution, the comptroller shall determine whether the sum of |
|
|
the balance of the fund on the preceding August 31, any projected |
|
|
transfer to the fund under Section 49-g(b) of that article, and any |
|
|
projected transfer to the fund under Section 49-g(c) of that |
|
|
article in accordance with the allocations for the transfer as |
|
|
provided by Section 49-g(c-1) of that article is less than the |
|
|
sufficient balance adopted under Section 404.074 for that state |
|
|
fiscal biennium [316.092]. |
|
|
(b) If the sum described by Subsection (a) is less than the |
|
|
sufficient balance adopted under Section 404.074 for that state |
|
|
fiscal biennium [316.092], the comptroller shall reduce the |
|
|
allocation to the state highway fund provided by Section 49-g(c), |
|
|
Article III, Texas Constitution, and increase the allocation to the |
|
|
economic stabilization fund, in an equal amount, until the |
|
|
sufficient balance adopted under Section 404.074 for that state |
|
|
fiscal biennium would be [316.092 is] achieved by the transfer to |
|
|
the fund or the total amount of the sum described by Section |
|
|
49-g(c), Article III, Texas Constitution, is allocated to the fund, |
|
|
whichever occurs first. |
|
|
SECTION 3. Section 404.0241(a), Government Code, is amended |
|
|
to read as follows: |
|
|
(a) The comptroller shall invest a percentage of the |
|
|
economic stabilization fund balance in a state fiscal biennium that |
|
|
exceeds the amount of the sufficient balance of the fund adopted |
|
|
under Section 404.074 [316.092] for that biennium in accordance |
|
|
with the investment standard described by Section 404.024(j). The |
|
|
comptroller's investment of that percentage of the excess balance |
|
|
is not subject to any other limitation or other requirement |
|
|
provided by Section 404.024. |
|
|
SECTION 4. Subchapter E, Chapter 404, Government Code, is |
|
|
amended by adding Section 404.074 to read as follows: |
|
|
Sec. 404.074. SUFFICIENT BALANCE OF ECONOMIC STABILIZATION |
|
|
FUND. For the purpose of adjusting the allocation of transfers in |
|
|
accordance with Section 49-g(c-2), Article III, Texas |
|
|
Constitution, not later than December 1 of each even-numbered year, |
|
|
the comptroller shall determine and adopt for the next state fiscal |
|
|
biennium the amount of the sufficient balance of the economic |
|
|
stabilization fund. The amount of the sufficient balance is equal |
|
|
to six and three quarters percent of the sum of general revenue and |
|
|
general revenue-dedicated funds appropriated in the most recent |
|
|
General Appropriations Act. |
|
|
SECTION 5. The following provisions of the Government Code |
|
|
are repealed: |
|
|
(1) Section 316.092; |
|
|
(2) Sections 316.093(c), (e), and (f); and |
|
|
(3) Section 404.0241(d). |
|
|
SECTION 6. Sections 316.093(a) and (b), Government Code, as |
|
|
amended by this Act, apply only to a transfer and allocation of |
|
|
money to the economic stabilization fund and state highway fund |
|
|
under Sections 49-g(c) and (c-1), Article III, Texas Constitution, |
|
|
made in a state fiscal year beginning on or after September 1, 2021. |
|
|
A transfer and allocation of money to the economic stabilization |
|
|
fund and state highway fund under Sections 49-g(c) and (c-1), |
|
|
Article III, Texas Constitution, made in a state fiscal year |
|
|
beginning before that date is governed by the law in effect |
|
|
immediately before the effective date of this Act, and the former |
|
|
law is continued in effect for that purpose. |
|
|
SECTION 7. Section 404.0241(a), Government Code, as amended |
|
|
by this Act, applies only to the investment of economic |
|
|
stabilization fund money in a state fiscal biennium beginning on or |
|
|
after September 1, 2021. The investment of economic stabilization |
|
|
fund money in a state fiscal biennium beginning before that date is |
|
|
governed by the law in effect immediately before the effective date |
|
|
of this Act, and the former law is continued in effect for that |
|
|
purpose. |
|
|
SECTION 8. This Act takes effect September 1, 2019. |