Texas House Bill HJR9

Texas 2013 - 83rd 1st C.S.

Caption

Proposing a constitutional amendment to provide for the transfer of certain general revenue to the state highway fund and the economic stabilization fund and to authorize the payment from the state highway fund of the principal and interest on certain highway improvement bonds.

Impact

If enacted, HJR9 will modify existing provisions of the Texas Constitution by updating the rules governing the transfer of funds from general revenue. Specifically, it amends Sections 49-g(c), (d), and (e) to detail how revenue derived from oil and gas taxes will be apportioned between the highway fund and the stabilization fund. This will create a more reliable funding stream for critical highway projects and aim to stabilize the state’s financial resources during economic downturns.

Summary

HJR9 proposes a constitutional amendment aimed at redirecting certain general revenue to the state highway fund and the economic stabilization fund. The resolution is structured to enhance funding mechanisms for highway improvement projects by allowing the state to allocate significant portions of revenue generated from oil and gas production taxes. Under the new framework, it delineates the obligations of the comptroller of public accounts regarding the annual transfer of these funds, ensuring that the economic stabilization fund does not exceed its established limits.

Sentiment

The sentiment surrounding HJR9 appears largely supportive within the legislature, as it addresses concerns over infrastructure funding and economic stability. Many legislators emphasize the necessity of investing in transportation infrastructure as vital for public safety and economic growth. However, some critics may argue about the implications of tying general revenue sources to specific funds, raising concerns about the flexibility of budgetary allocations, especially during fiscal uncertainties.

Contention

Potential contention points include debates about the long-term sustainability of funding highways through this amendment, particularly in relation to fluctuating oil and gas markets. Critics may voice concerns regarding the prioritization of highway funding at the expense of other essential services. Additionally, the amendment's dependence on oil production taxes could be problematic in the face of economic shifts towards renewable energy sources and decreased fossil fuel reliance, prompting discussions on the need for diversified revenue streams.