88R341 SRA-D
 
  By: Craddick H.J.R. No. 27
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment providing for the creation of
  and use of money in the Grow Texas fund and allocating certain
  general revenues to that fund, the economic stabilization fund, and
  the state highway fund.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-g, Article III, Texas Constitution,
  is amended by amending Subsections (c), (c-1), and (c-2) and adding
  Subsection (c-3) to read as follows:
         (c)  Not later than the 90th day of each fiscal year, the
  comptroller of public accounts shall transfer from the general
  revenue fund to the economic stabilization fund, [and] the state
  highway fund, and the Grow Texas fund the sum of the amounts
  described by Subsections (d) and (e) of this section, to be
  allocated as provided by Subsections (c-1), [and] (c-2), and (c-3)
  of this section. However, if necessary and notwithstanding the
  allocations prescribed by Subsections (c-1), [and] (c-2), and (c-3)
  of this section, the comptroller shall reduce proportionately the
  amounts described by Subsections (d) and (e) of this section to be
  transferred and allocated to the economic stabilization fund to
  prevent the amount in that fund from exceeding the limit in effect
  for that biennium under Subsection (g) of this section. Revenue
  transferred to the state highway fund under this subsection may be
  used only for constructing, maintaining, and acquiring
  rights-of-way for public roadways other than toll roads.
         (c-1)  Of the sum of the amounts described by Subsections (d)
  and (e) of this section and required to be transferred from the
  general revenue fund under Subsection (c) of this section, the
  comptroller shall allocate one-half to the economic stabilization
  fund and the remainder to the state highway fund, except as provided
  by Subsections [Subsection] (c-2) and (c-3) of this section.
         (c-2)  The legislature by general law shall provide for a
  procedure by which the allocations prescribed by Subsections (c-1)
  and (c-3) [allocation of the sum of the amounts described by
  Subsections (d) and (e)] of this section may be adjusted to provide
  for a transfer to the economic stabilization fund of an amount
  greater than the allocations [allocation] provided for under those
  subsections [Subsection (c-1) of this section with the remainder of
  that sum, if any, allocated for transfer to the state highway fund].
  The allocations [allocation] made as provided by that general law
  are [is] binding on the comptroller for the purposes of the
  transfers required by Subsection (c) of this section.
         (c-3)  Each time the comptroller determines the amount of
  general revenue to be allocated for transfer to the economic
  stabilization fund under Subsection (c-1) of this section, the
  comptroller shall reduce by 12 percent the amount of that transfer
  and at the same time transfer to the credit of the Grow Texas fund an
  amount of general revenue equal to the amount by which the
  comptroller reduced the amount of the transfer to the economic
  stabilization fund, provided that the total amount transferred to
  the Grow Texas fund under this subsection may not exceed $250
  million in a state fiscal biennium. For purposes of determining the
  amount of the transfer to the Grow Texas fund under this subsection,
  the comptroller may not consider any amount by which the amount
  transferred to the economic stabilization fund is increased under
  Subsection (c-2) of this section.
         SECTION 2.  Article III, Texas Constitution, is amended by
  adding Section 49-g-1 to read as follows:
         Sec. 49-g-1.  (a) The Grow Texas fund is established as a
  fund in the state treasury.
         (b)  The Grow Texas fund consists of:
               (1)  money transferred to the fund under Section 49-g
  of this article;
               (2)  money appropriated to the fund by the legislature;
               (3)  money that the legislature by statute dedicates
  for deposit to the credit of the fund;
               (4)  money received from the federal government that
  may be used for a purpose for which money in the fund may be used and
  that is transferred or deposited to the credit of the fund by the
  legislature;
               (5)  gifts or grants contributed to the fund; and
               (6)  investment earnings and interest earned on amounts
  credited to the fund.
         (c)  The legislature may appropriate money from the Grow
  Texas fund only for use in areas of the state from which oil and gas
  are produced and only to address infrastructure needs in the manner
  provided by general law in areas of the state determined by the
  legislature to be significantly affected by oil and gas production.
  General law enacted under this subsection may provide for the
  appropriation of money in the fund to make grants to state agencies
  and political subdivisions of the state for a purpose authorized by
  this subsection.
         (d)  On the last day of each state fiscal biennium, the
  comptroller of public accounts shall transfer any unobligated and
  unappropriated money that remains in the fund on that date to the
  economic stabilization fund.
         (e)  The Grow Texas fund commission is created to administer
  money appropriated from the fund and to advise the legislature on
  making appropriations from the fund. The commission consists of
  seven members who serve four-year terms beginning September 1 of
  each odd-numbered year. The lieutenant governor shall appoint two
  members of the senate to the commission. The speaker of the house
  of representatives shall appoint two members of the house of
  representatives to the commission. The governor shall appoint
  three members of the public to the commission and shall designate
  the presiding officer of the commission. A vacancy on the
  commission shall be filled in the same manner as the original
  appointment for the unexpired term. Members of the commission are
  not entitled to compensation for service on the commission but are
  entitled to reimbursement of expenses incurred while performing
  duties as commission members.
         SECTION 3.  The following temporary provision is added to
  the Texas Constitution:
         TEMPORARY PROVISION. (a) This temporary provision applies
  to the constitutional amendment proposed by the 88th Legislature,
  Regular Session, 2023, providing for the creation of the Grow Texas
  fund, dedicating the money in that fund to benefit areas of the
  state from which oil and gas are produced, and providing for the
  transfer of certain general revenues to that fund, the economic
  stabilization fund, and the state highway fund.
         (b)  Section 49-g-1, Article III, of this constitution, as
  added by the amendment, and the amendment to Section 49-g, Article
  III, of this constitution, take effect September 1, 2025.
         (c)  This temporary provision expires September 1, 2026.
         SECTION 4.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2023.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment providing for the
  creation of the Grow Texas fund, dedicating the money in that fund
  to benefit areas of the state from which oil and gas are produced,
  and providing for the transfer of certain general revenues to that
  fund, the economic stabilization fund, and the state highway fund."