By: Taylor H.J.R. No. 18
A JOINT RESOLUTION
proposing a constitutional amendment requiring the allocation of
certain interest and investment income from the economic
stabilization fund to the purposes of public education, water
development projects, and transportation.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended by amending Subsection (g) and adding Subsections (g-1),
(g-2), and (g-3) to read as follows:
(g) During each fiscal biennium, the amount in the economic
stabilization fund may not exceed an amount equal to 10 percent of
the total amount, excluding investment income, interest income, and
amounts borrowed from special funds, deposited in general revenue
during the preceding biennium. The amount of money required to be
transferred from the economic stabilization fund under Subsection
(g-1) of this section is considered to be transferred before any
amounts are transferred to the fund as required by Subsections (b),
(c), (d), and (e) of this section, regardless of the actual order in
which those transfers occur.
(g-1) Not later than the 90th day of each state fiscal year,
the comptroller shall:
(1) determine whether the ending balance of the
economic stabilization fund for the preceding state fiscal year,
excluding the amount of money from interest and investment income
received during the preceding state fiscal year, equals or exceeds
an amount equal to seven percent of the total amount of general
revenue appropriations made for the state fiscal biennium during
which the determination is made; and
(2) if the ending balance described by Subdivision (1)
of this subsection equals or exceeds seven percent of the total
amount of the general revenue appropriations described by that
subdivision, transfer from the economic stabilization fund the
amount of money equal to the amount of interest and investment
income received during the preceding state fiscal year as follows:
(A) one-third of the amount to the permanent
school fund;
(B) one-third of the amount to the Texas Water
Development Fund II; and
(C) the remaining amount to the state highway
fund.
(g-2) For purposes of Subsection (g-1) of this section, the
ending balance of the economic stabilization fund for a state
fiscal year includes all amounts of money transferred to the
general revenue fund under Subsection (j) of this section during
the state fiscal biennium that includes the fiscal year for which
the ending balance is determined, regardless of whether the money
has been returned.
(g-3) A transfer of money under Subsection (g-1) of this
section is an appropriation from state tax revenues dedicated by
this constitution for purposes of determining the rate of growth of
those appropriations under Section 22, Article VIII, of this
constitution.
SECTION 2. This proposed constitutional amendment 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 requiring the
allocation of certain interest and investment income from the
economic stabilization fund to the purposes of public education,
water development projects, and transportation."