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A JOINT RESOLUTION
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proposing a constitutional amendment to raise the maximum allowable |
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amount of money in the economic stabilization fund and provide that |
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certain income from investments of that fund is to be retained in |
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that fund. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 49-g(g) and (i), Article III, Texas |
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Constitution, are amended to read as follows: |
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(g) During each fiscal biennium, the amount in the economic |
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stabilization fund, other than investment income credited to the |
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fund under Subsection (i) of this section, may not exceed an amount |
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equal to 15 [10] percent of the total amount, excluding investment |
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income, interest income, and amounts borrowed from special funds, |
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deposited in general revenue during the preceding biennium. |
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(i) The comptroller shall credit to general revenue |
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interest due to the economic stabilization fund that would result |
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in an amount in the economic stabilization fund that exceeds the |
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maximum amount provided by [limit in effect under] Subsection (g) |
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of this section. The comptroller shall credit to the economic |
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stabilization fund investment income due from the investment of |
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amounts in the fund, other than interest income, irrespective of |
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the maximum amount otherwise provided by Subsection (g) of this |
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section. |
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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, 2023. |
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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 raise the maximum |
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allowable amount of money in the economic stabilization fund and |
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provide that certain income from investments of that fund is to be |
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retained in that fund." |