By: Williams S.J.R. No. 1
(In the Senate - Filed April 10, 2013; April 10, 2013, read
first time and referred to Committee on Finance; April 11, 2013,
reported favorably by the following vote: Yeas 15, Nays 0;
April 11, 2013, sent to printer.)
SENATE JOINT RESOLUTION
proposing a constitutional amendment providing for the creation and
use of funds in the state treasury to provide financial assistance
for certain projects related to economic development and water
infrastructure and for the transfer to the funds of money from the
economic stabilization fund.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-d-12 to read as follows:
Sec. 49-d-12. (a) The state water implementation fund for
Texas is created as a special fund in the state treasury outside the
general revenue fund to provide a means to finance water
infrastructure projects in this state.
(b) Money or other assets in the state water implementation
fund for Texas may be used only to fund water infrastructure
projects included in a statewide water plan that is adopted as
required by general law by the Texas Water Development Board or that
board's successor in function.
(c) The state water implementation fund for Texas consists
of:
(1) money or other assets deposited, appropriated, or
otherwise transferred to the credit of the fund as provided by law;
and
(2) interest or other investment earnings that accrue
on the balance of the fund.
(d) The legislature by general law may provide for the
assets of the state water implementation fund for Texas to be
invested separately from the investment of other treasury assets
and funds to the extent that the general law ensures that, in
managing the assets of the fund, on behalf of the fund the fund's
investment manager may acquire, exchange, sell, supervise, manage,
or retain any kind of investment that a prudent investor,
exercising reasonable care, skill, and caution, would acquire or
retain in light of the purposes, terms, distribution requirements,
and other circumstances of the fund then prevailing, taking into
consideration the investment of all the assets of the fund rather
than a single investment, and taking into consideration the goal of
preserving the aggregate purchasing power of the fund assets.
(e) The legislature by general law shall prescribe the
manner in which the assets of the state water implementation fund
for Texas may be used, subject to the limitations provided by
Subsections (a) and (b) of this section.
(f) An appropriation from the state water implementation
fund for Texas is an appropriation of state tax revenues dedicated
by this constitution for the purposes of Section 22, Article VIII,
of this constitution.
(g) On November 30, 2013, the amount of $2.5 billion is
transferred from the economic stabilization fund to the credit of
the state water implementation fund for Texas. This subsection
expires January 1, 2014.
SECTION 2. Section 49-p, Article III, Texas Constitution,
is amended by adding Subsection (e) to read as follows:
(e) Money deposited to the credit of the state highway fund
may be appropriated to repay the principal and interest on bonds
issued under this section.
SECTION 3. Article XVI, Texas Constitution, is amended by
adding Section 74 to read as follows:
Sec. 74. (a) In this section:
(1) "Commission" means the Texas Transportation
Commission or its successor in function.
(2) "Economic development infrastructure" includes
transportation infrastructure and port infrastructure. The term
includes freight rail infrastructure.
(3) "Fund" means the state infrastructure fund.
(4) "Political subdivision" means:
(A) a county;
(B) a municipality; or
(C) another governmental unit that has the
authority to build roads or operate and develop ports, including a
district created under Section 52, Article III, or Section 59,
Article XVI, of this constitution.
(b) The state infrastructure fund is created as a special
fund in the state treasury outside the general revenue fund. The
fund consists of:
(1) money or other assets deposited, appropriated, or
otherwise transferred to the credit of the fund as provided by law;
(2) donations made to the fund;
(3) loan repayments received by the commission from
loans made under this section; and
(4) interest or other investment earnings that accrue
on the balance of the fund.
(c) The commission may use money or other assets in the fund
only to provide:
(1) loans to political subdivisions for projects
related to economic development infrastructure; or
(2) credit enhancement to political subdivisions and
other governmental entities for projects related to economic
development infrastructure.
(d) Money or other assets in the fund shall be invested
separately from the investment of other treasury assets and funds.
In managing the assets of the fund, on behalf of the fund the
comptroller may acquire, exchange, sell, supervise, manage, or
retain any kind of investment that a prudent investor, exercising
reasonable care, skill, and caution, would acquire or retain in
light of the purposes, terms, distribution requirements, and other
circumstances of the fund then prevailing, taking into
consideration the investment of all the assets of the fund rather
than a single investment, and taking into consideration the goal of
preserving the aggregate purchasing power of the fund assets.
(e) The legislature by general law shall prescribe the
manner in which the assets of the fund may be used, subject to the
limitations provided by Subsection (c) of this section.
(f) Money in the fund may not be used for passenger rail
projects.
(g) An appropriation from the fund is an appropriation of
state tax revenues dedicated by this constitution for the purposes
of Section 22, Article VIII, of this constitution.
(h) On November 30, 2013, the amount of $3.5 billion is
transferred from the economic stabilization fund to the credit of
the fund. This subsection expires January 1, 2014.
SECTION 4. (a) The proposed amendment to the Texas
Constitution providing for adding Section 49-d-12, Article III, to
the constitution shall be submitted to the voters at an election to
be held November 5, 2013. The ballot shall be printed to permit
voting for or against the proposition: "The constitutional
amendment providing for the transfer of existing money from the
economic stabilization fund to a state water implementation fund
for Texas to assist in the financing of priority water
infrastructure projects in the state water plan."
(b) The proposed amendment to the Texas Constitution
providing for amending Section 49-p, Article III, and adding
Section 74, Article XVI, to the constitution shall be submitted to
the voters at an election to be held November 5, 2013. The ballot
shall be printed to permit voting for or against the proposition:
"The constitutional amendment providing for the transfer of
existing money from the economic stabilization fund to a state
infrastructure fund to assist in the financing of transportation,
port, freight rail, and other similar economic development
infrastructure projects and authorizing the use of state highway
funds for paying the principal and interest on certain general
obligation bonds issued by the Texas Transportation Commission."
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